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How can I buy a new house before existing home is sold?

TWe have not put our current house on the market. Who would have thought that our first foray into home viewing would result in such a wonderful residence? We would not be able to list our house and sell it prior to making an offer or closing on the new property. Should we use our savings to pay off the mortgage on the first house and give a lower down payment on the second house? Or should we try to balance two mortgages for a time while trying to sell the first house? The seller has another house under contract in another state and is motivated.
  • May 21 2013 - US
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Answers (3)

Ultimately it comes down to what your personal goals are. If you qualify for both mortgage payments then you get financing without worrying about paying off the current home. At the end of the day you need to decide whether it is more important to have cash reserves or to have the equity in the home...either your current one or the new one. First step is to have a mortgage company review your options through a pre-approval.
  • May 22 2013
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Profile picture for maryshannon2
Your first step should be to check with your morgage counselor to find out if you can qualify to carry both morgages and what would be the best finacial option for you.
If you feel that you want to move ahead with an offer, write an offer without a contingency of selling your home. Depending on the sellers time frame, try to structure an offer with a longer closing time to allow you to obtain an offer on your own residence.
Always make sure to get your ducks in a row prior to moving forward and do not make impulsive decisions. There are always new listings coming on market.
  • May 21 2013
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Profile picture for daveskow
can you qualify with both homes can you muster  up enough cash  for down payment without  having present home  sold

if yes to both questions - thats likely your best  solution
  • May 21 2013
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