options for down payment on next home

[nobody]

I'm trying to sell my house and buy a new house right now. My buyer is having issues getting financing. The first bank rejected him and hes working with a new lender now. I'm at one month past closing. Hopefully it will get sold this week.


I didn't look for a new house till I was under contract on old one. Will be paying cash for new house once old house sells.



I rejected any offers with contingency. Why have the house off the market and loose a better buyer?



Confirm with your lender before you make a choice. Lenders are scrutinizing everything these days and are horrible. Both of my agents are not pleased with how lenders in general are acting. Especially with the know before you owe rule.



Find a good lender, maybe not the cheapest interest rate, the one I used kept the loan in house, once I hit 20% called them up PMI was removed, some lenders will make you get another appraisal.

 

[ivinsfan]

OP, it won't ruin your kids to move them after kindergarten or even 1st grade. You are like everyone in the human race and want a perfect solution. Don't let perfect be the enemy of good enough.

Yes DIY can help build instant equity in a home but it costs time and money. Why don't you funnel a little more into the cash side in prep for this home swap. Also do whatever is necessary to prep your current home for a quick sale. Be prepared to use a less then ideal solution and then live with it. IOW pick your poison. Since you have a home, a lot of people here are going to lean toward staying put and making the 20% down/

 

[ivinsfan]

I'm trying to sell my house and buy a new house right now. My buyer is having issues getting financing. The first bank rejected him and hes working with a new lender now. I'm at one month past closing. Hopefully it will get sold this week.


I didn't look for a new house till I was under contract on old one. Will be paying cash for new house once old house sells.



I rejected any offers with contingency. Why have the house off the market and loose a better buyer?
.

Confirm with your lender before you make a choice. Lenders are scrutinizing everything these days and are horrible. Both of my agents are not pleased with how lenders in general are acting. Especially with the know before you owe rule.



Find a good lender, maybe not the cheapest interest rate, the one I used kept the loan in house, once I hit 20% called them up PMI was removed, some lenders will make you get another appraisal.

Well at least a contingency buyer actually has a house to sell. From past experience with family you need to relist your home and tell your buyer you are accepting new offers.

 

[nobody]

Well at least a contingency buyer actually has a house to sell. From past experience with family you need to relist your home and tell your buyer you are accepting new offers.

It is relisted, market has cooled off some and people are less likely to look at a house thats been on the market for 90 days.

 

[ivinsfan]

It is relisted, market has cooled off some and people are less likely to look at a house thats been on the market for 90 days.

So you gave your buyer 60 days to close and he didn't make it. That's too bad but it happens and more often then you think. Hope something works out quickly.