Reply to How does "no contingencies" actually work

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[quote=Anonymous][quote=Anonymous]They are paying cash…
Either cash in hand
Or loan against assets which provides them essentially cash
Or they are doing a very expensive bridge loan 
OR they have sold their house and rent it back for x months until a new house is found.

Unless you are number 1 or 2 above you will be putting yourself in a stressful situation.[/quote]

We were #2. We qualified for the second mortgage and borrowed the down payment via a line of credit against against a brokerage account. The interest rate was very low, since it was guaranteed by liquid assets. However, it kept us from having to take a tax hit on selling the assets. We paid it back when our house sold.

In hindsight, selling first would have been fine. We were moving out of town & our house sold faster than we wanted via word of mouth and we had to find a place to live to finish out the school year. We went ahead and moved our furniture to the new house & rented a furnished apartment, which was a nice change of pace. We got to enjoy our last months in town without the burden of house & yard maintenance, etc. The kids were talking the other day about how much fun living in the apartment was. Of course, now they freak out if we talk about downsizing our current house, so…[/quote]

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