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Started By
Message
Wanting to buy a house and sell mine.
Posted on 12/20/10 at 5:05 pm
Posted on 12/20/10 at 5:05 pm
My house is appraised at $125,000 and I owe 22,500 on it. I am interested in another home worth $100,000 with more land and bigger home in a more rural area. I want to put $60,000 down from the sell of my home. The seller wants to sell ASAP. Do I need to sell my home now and use the money to put down on the other home? Or can an agreement with the bank be made to where I can purchase now and put the equity I made off of my original when it sells?
4
Posted on 12/20/10 at 5:46 pm to Guy LeDouche
quote:
My house is appraised at $125,000 and I owe 22,500 on it. I am interested in another home worth $100,000 with more land and bigger home in a more rural area. I want to put $60,000 down from the sell of my home. The seller wants to sell ASAP. Do I need to sell my home now and use the money to put down on the other home? Or can an agreement with the bank be made to where I can purchase now and put the equity I made off of my original when it sells?
If you have that much equity in your house I can't imagine you would have any problems dipping into your saving account for 10% to put towards the new house. Just buy the other one and put yours on the market.
You can apply equity to your home whenever you want.
This post was edited on 12/20/10 at 5:47 pm
Posted on 12/20/10 at 7:22 pm to Guy LeDouche
Try a home equity loan. Rates are low right now.
Posted on 12/20/10 at 8:11 pm to Bayou Tiger
quote:
Try a home equity loan. Rates are low right now.
This. If you have that much equity in your house you shouldn't have a problem.
Posted on 12/21/10 at 3:48 pm to Guy LeDouche
You could buy the new house with 12 payments + balloon along with a written agreement to refinance.
Posted on 12/21/10 at 4:09 pm to Guy LeDouche
quote:
Guy LeDouche
don't buy without selling first.
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