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sell a house, buy a new one, using the money you get from the one you are selling?

Can you sell a house, buy a new one at the same time using the money you get from the one you are selling?
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June 17 2013 - Poinciana
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Profile picture for sunnyview
Talk with a lender, but with most of them you will be hard pressed to qualify for a mortgage with a credit score of 575. The technical guidelines may allow low scores with a higher down, but those lenders are few and far between.

You can sell your house and use the proceeds after expenses for your next home purchase. However, If you need a mortgage, I would focus on improving your credit first. It will save you money on your rate and give you more loan options.
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June 17 2013
Profile picture for user1981064
I own 48000 on my current house. It is valued at $100000. My bills total not more than $5000 without the car that is another $120000 The new house will be no more than $105000. The difference is I currently live in a towne house and I need a regular family home. With garage and backyard. Credit score went down to 575
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June 17 2013
Profile picture for SoCal_Engr
"Can you sell a house, buy a new one at the same time using the money you get from the one you are selling?"

Of course, Pretty much anything is possible. However, timing these transactions assumes...

#1 - You have a buyer who is ready to buy, and whose offer is not contingent on them selling their house.
#2 - You have already identified a house to purchase, and the seller of that house is willing to be flexible to accommodate you getting your house sold.
#3 - You are able to actually sell your current house and realize a profit (not "a given" nowadays).

"My child suport raise and I was not able to pay my bills on time, The idea here was sell the house, pay all the loans with that money and put the rest towards the new house but my credit rate lower significantly. I still need to have good credit eaven if I will pay all the accounts with that money?"

Um...yes. You need good credit to get a loan. So, the obvious questions now become...

#1 - What is your middle credit score now, taking into account the outstanding bills and late payments? Or, are you just not paying some accounts?
#2 - "...put the rest..." Do the numbers make sense? Can you sell, pay the selling costs, pay off your bills, and still have money towards a new down payment?
#3 - Assumption is that you will be downsizing, unless you simply have a bunch of equity in the current house. Either way, are your expectations for the next house realistic?
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June 17 2013
This can be done. However, in a market where the inventory is so low, it's a safe bet a seller would choose to accept a more straight forward offer. Not that it can't be done, it probably can. But it certainly won't be easy so you'll need to exercise patience. And your agent will need to know what he's doing and be patient as well. Best of luck to you.

Nathan Tutas
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June 17 2013
Profile picture for wetdawgs
Yes, credit is very important in obtaining a mortgage.

Procreating and having financial responsibility for the child(ren) is not equivalent to losing a job.  Having child(ren) was a choice.  However, if someone loses their job and isn't able to pay their bills they can't buy a home either.

You should review your situation with a lender soon before taking steps to sell while assuming you can buy again.



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June 17 2013
Profile picture for user1981064
The other question that I think I know the answer but jus n case iI will ask My child suport raise and I was not able to pay my bills on time, The idea here was sell the house, pay all the loans with that money and put the rest towards the new house but my credit rate lower significantly. I still need to have good credit eaven if I will pay all the accounts with that money? It was not my fault the child support raise and it raise from $300. To $875. Shure I was not able to pay my bills on time. That was almost like loosing my job.
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June 17 2013
Profile picture for wetdawgs
It can be done but as mentioned by Tim and Rachel it is really tough to coordinate closing your sale and then purchasing within a few hours.      You may wish to consider alternatives for a few days or a few weeks between closing on selling your current home and purchasing a new home so that you (and those who support) don't have to juggle 10 zillion balls at a time, just 5 zillion!

What are short term housing options?   A vacation?  A trailer? A friend or relative's house when they are on vacation?   sleeping on a friend's couch?  A tent at the local campground?  A motel?  Think creatively.

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June 17 2013
Sort of yes, but not at the same time. This is a tricky thing to do, but we do it all the time and it normally works well.

You schedule the sale of your current home for 10am and the closing of the new home at 2pm, for example. The attorney, title company or whoever is closing the sales gets the proceeds from your sale and uses them in the new purchase which occurs after the sale. It can be the same day or a day later, there are many ways to work this out. The problems occur when there is a delay with one or the other which messes up the closings.

Several years ago I had 5 transactions (we call it a domino closing) and they all had to drop in order like dominoes to work correctly. It was a nightmare, but we did it.


tim
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June 17 2013
 
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