Quote:
Originally Posted by Woody38
Everyone is a cash buyer. Seller receives cash at closing. Sellers don't care if you are saying I have cash and don't need mtge. Once when buying a condo in Boston the broker (I am a broker also), knowing this, said I had to be pre approved. Response, Maybe I will use my cash. Bought that condo eventually without problems since there were no others buyers in line.
Home equity loans are a nice option and I have used them many times for business and personal use. You only have to pay the interest and can also pay anything on the principle you care to. Really it is a difficult decision whether to sell then buy, use credit and buy then sell.
On down sizing I have one comment. We decided to down size from a 5,000 s/f house only to find that we were not comfortable in the new house, too small. Therefore, we bought another house, 3,385 s/f which is great. We continue to talk of down sizing but 2,600 to 2,900 s/f/is also too small for us.
Good luck on you venture.
__________________________________
I am a retired workaholic and continuing aquaholic
|
Everyone is different. I raised 3 children and I never had a house bigger than 2500 sq ft.
My kids are all grown and on their own now. The house I live in now in Ma is a 2300 sq ft cape and we only use the first floor which is 1400 sq ft. The two bedrooms and bath on the second floor have been empty for 5 years now, no furniture.
So my wife and I would like to downsize to a 1500-2000 sq ft ranch with a 2 car garage.
3500 sq ft homes in my town today are $1,000,000 plus. 1000 sq ft ranches are $500,000 plus.