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| New home purchase - Financing |
zteccc |
08/02/05 |
We're considering purchasing a new home. We will also be selling our current home and rolling our equity into the new home (as a down payment). What I don't know is how this all works.
I figure that there are three or four possibilities:
1) Sell my current house early and the rent someplace until the new house closes. I'd have the down payment at closing but I have to move twice (with an autistic child who doesn't adapt to change very well, maybe I could rent my current house from the new owner until the close of the new one; can that be put into the sales contract?).
2) Sell my current house and try to coordinate the closing dates (problem is that I can't imagine that this is easy to do).
3) Move into the new house and finance it for the full amount and then sell my house and refinance (I'm not sure I can qualify for the new loan without that down payment).
4) Take the equity out of my current house (home equity loan or refinance) and make the down payment at the closing of the new house, then make payments on both houses until my current house sells (I could carry both loans for a short period of time (e.g. several months).
Is there some "trick" or some other way that people handle this issue? I'm currently living in my first house and haven't sold one before, so I don't know how this transition normally works.
Did I miss anything? Are any of the above options disallowed?
Thanks,
-- Jeff |
Clarification/Follow-up by zteccc on 08/04/05 8:17 am:
We're not in any mode yet (50/50 passive/active or any other percentage). I'm just trying to get information. The house I currently own is my first home and we never moved when I was growing up, so I've never been involved in a sale and didn't know what was possible. I'm pretty sure now that I won't qualify for the new one without having the equity from my current house as a down payment, so options 3 and 4 above are pretty much out of play.
I presume that the buyer will want to set some rules of their own and I presume further that this is where realtors make their money, helping the two sides come to an agreement. I simply didn't know what rules or options were available.
Thanks for the information.
-- Jeff
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