[Formula260SS]

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 !

I'm no expert but isn't that what a bridge loan is for? No idea on what the requirements are but something you may want to check into