I want to sell my condo and buy a townhouse. How can I do it? Because I have to use that money toward the down payment. How does this works?
Answers | 2
If you are in an area where a " contingent on sale / closing of existing home " offer on a new property might be accepted - you can try doing this ...however many areas are not likely to accept a contingent offer, so the other option is to market and sell your home /get pre approved for whatever scenario you want for the new home ...once the new home is sold try to make closing out in the future as long as possible like 45- 60 -90 days and then start shopping for a new place ...once you locate a new place make the closing date a few days after the closing date on the sale of the condo
David is correct that a contingent contract is the most common way of buying a home, using the equity from your prior home for the down payment. While it can be harder to get a contingent offer accepted, if you have your home listed, can show there's been interest in it, and can put down a larger earnest money deposit and/or "non-lowball" sales offer, you have a better chance of the new home's seller agreeing to accept your offer, Hope that helps! Ted