| Re: Buy & bail ?
From what I've heard from friends who have recently purchased, they wll want to see that it's rented. No what if's or attempts to rent were acceptable to the underwriter. That means signed lease agreement, copy of deposit check for lease & paper trail showing it deposited into your account.
They also had to have a valid explanation in writing as to why they were buying another house when theirs was underwater. If you can afford both, just rent the first out for a year. After the lease is up then re-evaluate your situation on the property and make your decision accordingly. |