09-03-2020, 09:47 PM
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#25
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Senior Member
Join Date: Aug 2015
Posts: 818
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Quote:
Originally Posted by bigdog
I am in the process to sell my homes and down-size, and purchase a smaller residence. My dilemma is that I am ‘house rich and cash poor’.
Before I can buy purchase another home, I must sell my current home first. I was caught in this same senario several years ago, and took out a mortgage to buy my current home, before selling my house at the time, but was able to sell my other house about 5 months later. That scenario cost me several thousand dollars to get that mortgage, Closing costs, etc. When the house sold, I was able to pay-off that mortgage in cash.
I know my current house would sell quickly, but in the current housing market, I don’t think if I find another house to buy, that the seller would agree to a contingent clause in the contract, to wait until I sell my current house, not going to happen !
I cannot get another mortgage to buy my new home, as before, I am now retired, and no longer working, nor have the income I had when working.
Appreciate your thoughts, and ideas on how to move forward, with new home purchase.
Thanks !
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I think that I would RENT with the option to buy. Then, if and when you sell your existing home you can then immediately buy the home you are renting.
A very cheap solution, however it may be easier said than done.....
Best of luck!
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