[joey2665]

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 !

Let’s not complicate simplicity. Obtain a home equity line on your current home. Usually very low closing costs. Make sure the line is just enough to put a down payment on another home. As soon as you obtain the line start you buying and selling process and in this market it should be relatively easy to coordinate closing dates. I have done this is the past. It works well.


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