Has anyone used the proceeds from the sale of a house to buy a new house??
karen32
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Has anyone used the proceeds from the sale of a house to buy a new house??
we're thinking of selling our condo and buying a house. we would need the proceeds from the condo sale as part of our downpayment on the new house. anyone know how that works? is it a big nightmare to coordinate?? i am assuming we would need to sell the condo first, pay off that mortgage and then buy the house. do we do that simultaneously?? if not, how much time do we need?
thanks!!
Junebride
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Re: Has anyone used the proceeds from the sale of a house to buy a new house??
It works very easy - we closed on a Thursday for the sale of our house and closed on Friday for the purchase. Some people close on both in the same day. The lawyers work it all out for you.
ILT1221
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Re: Has anyone used the proceeds from the sale of a house to buy a new house??
It is best to be in contract for your condo when going to purchase your house. This makes you a stronger buyer for a house because you are already in contract and less likely to hold up the house buying process (i.e, if your buyer backs out or can't get a mortgage then you in turn delay the house closing or back out).
Once you are in contract then you can coordinate your closing and even close on the coop in the morning and your house in the afternoon.
casg
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Re: Has anyone used the proceeds from the sale of a house to buy a new house??
you can set a move in date for your condo too
LizD
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Re: Has anyone used the proceeds from the sale of a house to buy a new house??
That is what we are doing. Our closings are both on the same day, sale at 10am, buy at 2pm. It's not that hard to do at all.
Fran M
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Re: Has anyone used the proceeds from the sale of a house to buy a new house??
We found a house before we put our CoOp up for sale. It took us forever to find a house and I knew my CoOp would sell easily. We were lucky the timing worked out very well.
We found our house made an offer and it was accepted.
We put the CoOp for sale - first person that saw it made an offer, we came to an agreement on price.
Signed the contract on the sale of the CoOp
Signed the contract on the purchase of the house. (we were able to stall on this for a week or two)
Closed on the CoOp
About one week later closed on the house
It was a little nerve wracking at time but it all worked out
