Home Buying in 06040>Question Details

Joan Steinbe…, Both Buyer and Seller in Manchester, CT

How do I buy a new home without refinancing? My existing home is on the market and has no mortgage.

Asked by Joan Steinberg, Manchester, CT Sun Sep 14, 2008

I don't want to let the home I have found get away berfore I sell my home.

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Answers

4
Joan,
Your options really are finance the new home until your existing one sells, or make an offer with a hubbard clause (contingent on sale of existing home). If you go the Hubbard route, be prepared to show the seller that your house has a reasonable chance of selling in the time period of the hubbard. To do this, it should be fairly aggressively priced and well marketed.
There might be a 3rd option that is a variation on the first, seller financing on the new home. You may have to offer an attractive incentive (i.e. points, or higher rate) to make that happen.
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Sun Sep 14, 2008
If you don't want to refinance and you do not want a mortgage on your new home, your only option is to offer to purchase the new home with a hubbard clause. Good luck.
0 votes Thank Flag Link Sun Sep 14, 2008
You will have to get the money from somewhere, just get a mortgage on the new house, make sure there are no prepayment penalties, and pay it off when your home sells. if you dont want a first mortgage on the new house you could try an equity line or bridge financing on your existing house. Just my oppinion, not legal advise. Good luck with your sale and purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Sep 14, 2008
If you currently have your home on the market with a Realtor, then we, as Realtors are not able to interfere with agency, you should be contacting your agent.

If your agent is not representing you in the purchase, or if you are trying to sell your home yourself, then we, as Realtors, are able to lend advice. I'd be happy to answer any of your questions if this is the case, please contact me through the website below.
0 votes Thank Flag Link Sun Sep 14, 2008
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