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Reply to "Sell current home, use for down payment on next home"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We're hoping to sell our current (and first) home for about $450k. After paying off the mortgage (250k balance), we'd like to use that 200k net as down payment on an upgrade to a home that is in the $700-800k range. How feasible/realistic is this? Learned so much buying our first home... But it was only the beginning![/quote] It's totally doable and realistic. On a 800k home, 20% is 160k so even if you net less than 200k you are fine. We have put a contract on a 900k property and we put 300k down, in my mind our scenarios aren't too different.[/quote] Is the 300k from the sale of your previous home? If so, how'd you manage that situation (timing it to sell and flip proceeds to make down payment on next home)?[/quote]
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