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Buying a condo while owning current single family house

Hi, Could anyone please help me with this question: we currently own a signle family house in northern VA (have about 21% equity) and plan on selling our house.  Due to family situations, We prefer buying a condo first (same city), move to there, and then put our vacant house on the market. Assuming the financing will work, i.e., we will be qualified to get a mortgage on that condo while having the current mortage on our house, do you think this is a viable solution? any obstacle? Your comments will be appreciated.

  • January 01 2011 - US
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Answers (2)

sounds like a good plan
  • January 01 2011
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Profile picture for nwhome.us
If you pick a property that you'd like to buy as an example and find out what the monthly dues are, you should be able to post a request for a loan quote on the Zillow mortgage section and get some pretty solid feedback from lenders about whether it will fly or not.
There may also be some bridge loans available through that group.
You might propose a lease/option to buy to the seller of the property that you find.
You might propose that the seller carry a contract on your new purchase for a period of time that would give you the window that you need to close on the sale of your current home.
There are lots of ways to facilitate the purchase.
  • January 01 2011
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