Coordinating the Sale and Purchase of Your Home
Usually, it is easier to buy a home than to sell a home but that isn't necessarily the case currently. In today's market, it can be scary to sell your home before buying another because you could find yourself without a home. Most sellers will not accept a contingency on the sale of a buyer's home in today's market. So, let's look at some of the alternatives that homeowners are using to facilitate the transactions. If you have the income, credit, and cash available, the replacement home can be purchased with a new 80-90% loan-to-value mortgage and sell the existing home after you have moved into the new home. This would require making two payments for a while but probably gives the seller the least amount of pressure to find the replacement property before the existing one is put on the market. If the mortgage on the new home has the option to recast the payment, additional down from the equity in the previous home after it sells would lower the paym