"TysMagic" (twjeffery)
06/01/2018 at 08:49 • Filed to: home buying
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"TysMagic" (twjeffery)
06/01/2018 at 08:49 • Filed to: home buying | 3
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The most wonderful thing happened, my wife and I found a new home we love in an amazing area for an impressively good price!
We were casually looking, if the right place came up we’d do it - otherwise we’d stay put. This is definitely the right place, but it immediately slapped a massive amount of stress on our lives that I’m not sure either of us expected to come on so hard.We have roughly 30 days to sell our current house to solidify us getting the new one.
I’ll only be attending the CnC portion of the Nashville Oppomeet to have time to prep the house for pictures Saturday. During the 30 day window to sell, we will be spending about 14 days in London. Then immediately after the window expires, we are traveling to Charleston for about a week. I’m intrigued to see how we squeeze a move in to the schedule.
So oppo, with your wide ranges of experiences, tell me how things have gone for you buying a new home contingent on selling your old home? Any surprises we might want to prepare for?
FTTOHG Has Moved to https://opposite-lock.com
> TysMagic
06/01/2018 at 10:13 |
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Just finished closing on a second home yesterday. I assumed that I was going to have to put in a contingent offer but found that I didn’t once I started talking to lenders. This took quite a bit of stress away because we didn’t have to worry about selling just buying which is enough stress as-is. Have you asked anyone yet if you qualify for both mortgages yet? Let me know if you have any questions I’m not shy about sharing details.
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TysMagic
> FTTOHG Has Moved to https://opposite-lock.com
06/01/2018 at 10:37 |
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Initial lender thought I was keeping our current home and was concerned about possible debt load with the combined mortgage total. It would be manageable for the short term, but the equity from the house was planned for the a more reasonable payment on the new home. In short, I would rather roll with the contingency since we’re still early on...but that is a good point.
Did you consider a HELOC or bridge at all? I don’t like that idea, but if push comes to shove we may circle back to it.
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FTTOHG Has Moved to https://opposite-lock.com
> TysMagic
06/01/2018 at 12:07 |
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Gotcha. No we didn’t consider a HELOC or bridge loan. I thought the debt load would be too high, but the lender was fine with it. We only put 5% down on the new house, which is the minimum you can do right now if you already own a home. That means the payment will be higher even after we sell the first house and put the equity into the new one to get rid of PMI, but it will be affordable enough for me. Both payments is going to be extremely tight, but our market here is very hot right now, so I expect the house to sell pretty quickly.
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TysMagic
> FTTOHG Has Moved to https://opposite-lock.com
06/01/2018 at 17:50 |
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well the seller was not interested in working with our time frame and travel at all, so we made the decision to pass. It was tough...but I think the right thing to do. Still plenty to do at the current house to get it ready though, woof.
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FTTOHG Has Moved to https://opposite-lock.com
> TysMagic
06/01/2018 at 18:42 |
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Sounds like it wasn’t meant to be. Yeah I’m getting mine ready now. It is a ton of work!