Home Buying in Petersburg>Question Details

Lou, Both Buyer and Seller in Sterling, VA

i found the house i want to buy but havent sold mine yet

Asked by Lou, Sterling, VA Sat Feb 14, 2009

my house is payed off is there any way i can do this

Help the community by answering this question:


The answer depends on your situation, and if you need the money from your Sterling home to buy in Petersburg.

Is your Sterling home listed? For how long? Why hasn't it sold? Could it be price? Think about the worst case scenario. What if your house is not worth what you think it is? What if you get considerably less for it than you expect? Will you still be buying the same house in Petersburg at the same price? If the answer to that is NO, then you need to get your Sterling home solidly under contract before you enter into a sales agreement for the Petersburg property.

My office is in Leesburg, and I work throughout the Loudoun/Dulles area. If you would like to talk with me about the Sterling property in detail, please email or call. Vchrisner@kw.com and 703-669-3142
0 votes Thank Flag Link Mon Feb 16, 2009

This is a very common delema for people during these times. Many people in your situation are electing to rent the original home and move ahead with purchasing the new property.

A loan specialist will be able to advise you on the plausability of this with regard to your financial situation.

Good luck
0 votes Thank Flag Link Mon Feb 16, 2009

Do you need to use the equity from your current home to buy?
0 votes Thank Flag Link Mon Feb 16, 2009
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