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My wife and I just finished signing documents both selling our current home and buying another.
We have no mortgage on our current home and it sold for 385,500. The home we are buying is 307,000.
The plan is to take possession of the new home August 31st and the buyer's of our current home will take possession September 7th.
I currently have an R7 on my credit rating after credit counseling 2 years ago. We have no debt. Are we going to run into issues with the possession dates?
What are our options?
Thank you in advance. It is hard to get answers from our realtor and others as I don't think dealing with a family with no mortgage is common.
When you say "signed documents", it sounds as if you mean "went under contract".
We're not credit counselors, couldn't tell you what a R7 is. As long as you close the sale of your current home and have the cash by August 31, your buyer's bank/lender really doesn't care if they don't possess for a week.
It sounds like you're paying for the new place out of proceeds on your old place. This can't happen if you close on the new place first: where are you getting the $307,000? A mortgage or the proceeds of your current place?
If it's the proceeds of your current house, you won't have those proceeds until you close on 9/7, so you can't use them to buy something on 8/31. You either need to close on your current place first or come up with short-term financing (like a bridge loan) so that you can bring $307,000 + closing costs to the table on 8/31.
How was your purchasing agreement written? If you were not going to mortgage, you did explain to your agent as to where the money is coming from for closing correct?
My wife and I just finished signing documents both selling our current home and buying another.
We have no mortgage on our current home and it sold for 385,500. The home we are buying is 307,000.
The plan is to take possession of the new home August 31st and the buyer's of our current home will take possession September 7th.
I currently have an R7 on my credit rating after credit counseling 2 years ago. We have no debt. Are we going to run into issues with the possession dates?
What are our options?
Thank you in advance. It is hard to get answers from our realtor and others as I don't think dealing with a family with no mortgage is common.
-Kane
The key question is how are you going to pay for the home which you are buying on the 31st of August. You leave out that detail.
If we are to assume that you are going to try and secure a mortgage, then the credit issue might come in to play.
If you are going to pay cash for the purchase, it is irrelevant.
The key question is how are you going to pay for the home which you are buying on the 31st of August. You leave out that detail.
If we are to assume that you are going to try and secure a mortgage, then the credit issue might come in to play.
If you are going to pay cash for the purchase, it is irrelevant.
With interest rates as low as they are, paying cash is insanity unless there is literally no way he can obtain a mortgage with his credit rating.
I googled "R7 credit rating", google seems to think he has or had a consolidated debt repayment with a lender somewhere. No idea how that would affect things.
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