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Has anyone sold a house and bought a new one?

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Anniegrl
I'm two!

Member since 5/05

4320 total posts

Name:
Ann

Has anyone sold a house and bought a new one?

I'm assuming that you don't have to sell the first house before getting a mortgage for the second house, right?
Just wondering how you do this....

Posted 10/3/05 9:41 AM
 
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luvsun27
Check out my cool glasses

Member since 5/05

8135 total posts

Name:
Kim

Re: Has anyone sold a house and bought a new one?

I sold my condo and bought a house. I used the profits from the condo as my DP for the new house. It all works out. Also...depending on the contract details. When I was doing the mortgage....it wasn't a problem.

Posted 10/3/05 9:43 AM
 

Anniegrl
I'm two!

Member since 5/05

4320 total posts

Name:
Ann

Re: Has anyone sold a house and bought a new one?

Posted by luvsun27

I sold my condo and bought a house. I used the profits from the condo as my DP for the new house. It all works out. Also...depending on the contract details. When I was doing the mortgage....it wasn't a problem.



Ok, so you got a mortgage for the new house before you sold the condo, right?

Posted 10/3/05 9:46 AM
 

luvsun27
Check out my cool glasses

Member since 5/05

8135 total posts

Name:
Kim

Re: Has anyone sold a house and bought a new one?

Well...they were kinda at the same time. I put my offer in on the new house (I had a pre-approval for a mortage). When my offer was accepted...I put my condo up for sale. I closed on the condo and the new house in the same day...so, they money from the sale of my condo went right to the new mortgage company for my DP.

Posted 10/3/05 9:53 AM
 

Anniegrl
I'm two!

Member since 5/05

4320 total posts

Name:
Ann

Re: Has anyone sold a house and bought a new one?

Ok, got it! That's exactly what I wanted to hear! Thanks! Chat Icon

Posted 10/3/05 9:57 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Has anyone sold a house and bought a new one?

Posted by Anniegrl

I'm assuming that you don't have to sell the first house before getting a mortgage for the second house, right?
Just wondering how you do this....





If you have adequate funds to buy the new house without selling your existing place... and have excellent credit and minimal debt... you may be able to carry both mortgages for a short period of time.

I was approved by my bank to carry both mortgages at the same time since I didnt need funds from my existing house to use for a down payment on the new house.

I am closing on my new house sometime around Halloween. I probably won't close on my existing place till mid-late November. This gives me a three week window to get work done in the new house before I move in.

Posted 10/3/05 11:35 AM
 

Anniegrl
I'm two!

Member since 5/05

4320 total posts

Name:
Ann

Re: Has anyone sold a house and bought a new one?

Posted by DjPiLL

Posted by Anniegrl

I'm assuming that you don't have to sell the first house before getting a mortgage for the second house, right?
Just wondering how you do this....





If you have adequate funds to buy the new house without selling your existing place... and have excellent credit and minimal debt... you may be able to carry both mortgages for a short period of time.

I was approved by my bank to carry both mortgages at the same time since I didnt need funds from my existing house to use for a down payment on the new house.

I am closing on my new house sometime around Halloween. I probably won't close on my existing place till mid-late November. This gives me a three week window to get work done in the new house before I move in.



Unfortunately we don't have money for a down payment for a new house. The profit from the sale of the townhouse will go towards the new house.
So is the rate of the second loan based on how much of a down payment you're going to put down on the new house?

Posted 10/3/05 1:23 PM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Has anyone sold a house and bought a new one?

Posted by Anniegrl

Unfortunately we don't have money for a down payment for a new house. The profit from the sale of the townhouse will go towards the new house.
So is the rate of the second loan based on how much of a down payment you're going to put down on the new house?




The rate of the new home can vary depeinding on how much money you have to put down. But they will base this on what you have to put down at closing... not what you currently have available at the bank.

Posted 10/3/05 1:40 PM
 

Anniegrl
I'm two!

Member since 5/05

4320 total posts

Name:
Ann

Re: Has anyone sold a house and bought a new one?

Posted by DjPiLL

Posted by Anniegrl

Unfortunately we don't have money for a down payment for a new house. The profit from the sale of the townhouse will go towards the new house.
So is the rate of the second loan based on how much of a down payment you're going to put down on the new house?




The rate of the new home can vary depeinding on how much money you have to put down. But they will base this on what you have to put down at closing... not what you currently have available at the bank.




Cool - thanks!

Posted 10/3/05 1:45 PM
 

sasha96
lovin' my 2 little ladies!

Member since 5/05

7401 total posts

Name:
Julianne

Re: Has anyone sold a house and bought a new one?

we did the buy and sell too...we found our new home first and told the owner we had an accepted offer going to contract on the townhouse (b/c sellers like to hear you have an offical deal so you look stable). then we sold the townhouse. we did it in that order b/c we were so sure we could easily sell our townhouse fast! most sellers and RE agents want the sale in contract before you do your purchase contract, but that's not very realistic in this market, IMO. We closed on both the same day b/c we needed the $ from the sale to fund the purchase.

Posted 10/3/05 3:53 PM
 

Erica
LIF Adult

Member since 5/05

11767 total posts

Name:

Re: Has anyone sold a house and bought a new one?

we were able to come up with another downpayment...and qualified with some tricky accounting (wrote up a lease saying that we rented our existing home)...if we had a contract there would have been no problem

the next time we do it...we want to be in contract before we look...

our sellers took out a HELOC on the house we bought to close on the house they bought...so if you have equity you can do that....but I know they were very stressed doing that...

Posted 10/3/05 9:56 PM
 
 

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