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relaxing wrote:
> I am relocating to Fl. Need some advice. What do I do first. Buy the new
> house first or sell the old one first. Can I use my unsold house as
> collateral towards the new house. Am I going the wrong way about it?
It mostly depends on your financial position, what is convenient for
you, and what you want to do. If you sell your existing home first,
which is the most common approach, then you will need a temporary place
to live. Sometimes you may want to do this anyway, in order to check
out the new area and decide on the right area/house, while renting.
On the other hand, it does require moving twice, perhaps putting part
of your stuff in storage, etc. Depends on how much you have.
Buying the new house first works if you are in the financial position
to be able to carry both properties until you can sell the old one.
Makes things more convenient, but potentially more expensive. You can
probably get a bridge loan to help carry it, but when you start to do
that, it can get risky, again depending on your overall financial
position.
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Re: Selling & Buying at the same time
