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Reply to "Is it possible for me to buy this house?"
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[quote=Anonymous]You might be able to buy the new house contingent on the sale of your house, but $75-100K really isn't that much equity, when you factor in the costs to sell. I don't know what your house is worth, but when we bought our $650,000 house in November, the agent commissions alone were $19 for the buyer AND the seller, which came out of the purchase price. So assume MINIMUM of $20-30K in expenses to sell. If you only have $75K of equity, that would leave you with roughly $50K for a down payment. That is a pretty small down payment for a $700K+ house. Now that you have a higher income you should be able to start aggressively saving. Once your kids start day care, it should get easier, although you likely will still have after care costs and camps in the summer, which I hear add up quickly. IMO you should aim have at least a 10 percent down payment on a house that expensive, with a sizable amount left in the bank after closing. [/quote]
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