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09-03-2020, 09:36 AM | #1 |
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Join Date: Apr 2006
Location: Central MA-Gilford
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Selling home-Buying home, need advice !
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 ! Last edited by bigdog; 09-03-2020 at 09:37 AM. Reason: spelling |
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