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Reply to "Buying a new house before selling - money options"
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[quote=Anonymous]I did option 2. Got a home equity line and paid it off when the first property sold. Just something to bear in mind: our first house was in a desirable neighborhood so we didn't anticipate any problem selling. As it turned out, their home inspection found termite damage which we were unaware of, and the deal fell through. 4 months later, after $18 K spent on remediation, and several months of carrying two mortgages, it all went through. We were fine but it was a little stressful. make sure you have enough cash to cover any eventualities.[/quote]
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