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It’s complicated

We recently bought a house in October 2022 and then our dream home came on the market at the price we can afford. We don’t really have any equity in this house yet, and used our money on the down payment for this house.

How can we buy our dream house before the seller takes the offer off the table? (They offered it to us before putting it on the market because we used to rent it and they knew we lived the house).

We bought our current house under my husbands name o my because I have. BK from one year ago, so I can’t qualify for an FHA loan until Jan. 2024.

The only thing I can think of is proposing renting to own for 1 year. Then we rent out our current home while we buy some time renting our dream home, until I can qualify and we can put the second home in my name.

What am I missing?

How bad would it be to try and sell the home we just bought, I know we would probably lose money… Help! I think the rent to own is the only workable scenario…?!

submitted by /u/FreeEstimate7589
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source https://www.reddit.com/r/RealEstate/comments/10ngqvs/its_complicated/
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