|
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?
Considering how dramatically the home sales market has slowed down
nationwide, I would sell first. If you have not got a mortgage on it, and
if you do not need the money to use as a down payment, that may not be
a concern for you. But a lot of people are finding themselves forced
to pay two mortgages or take out bridge loans because their first
homes just aren't selling.
By the way, real estate values in Florida are nosediving. You'd save
money in the long run if you found a place to rent and waited a year
or so before making an offer. By late next year you'll have seen a lot
of desperate sellers hit the market as their ARMs reset and they can
no longer make their mortgage payments. The desperate sellers will
forces prices even further downward. The wait will also give you an
opportunity to get an informed idea of what your property taxes and
**homeowners insurance** costs will be. Home insurance rates in
Florida are skyrocketing. Frankly, it's just not a good time to buy
there.
HellT
|
|
Re: Selling & Buying at the same time
