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Real Estate
Reply to "Need to downsize but can't get mortgage.....should I look into a hard money loan?"
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[quote=Anonymous][quote=avalonrose]See above...I edited my post. Yes, we own the home outright. The upkeep on it is getting a little bit much, as it's a large house. We need to buy a smaller one for about 850, and we intend on making a profit. But we can't buy a home without selling ours first, because no lender will give us an 850k loan to purchase a new house before we sell the home we're in now due my husband's current income level. So, I was asking if anyone had done a hard money loan, or some other kind of loan that is determined on the home's equity and not on income.[/quote] Sell your home and ask for a short rent back or sell it and look for a new home quickly with a short close. Personally with your situation I would not buy one for $850K. How will you pay taxes? Upkeep? If you are having employment issues I would either rent a house after you sell or try and buy a home for $500K- $600K max or move to a LCOL area, buy a home for way less, and look for new jobs there. Invest/save the rest of the money, do not spend it on anything. You won't make $1.1 million. There are a lot of costs associated with selling a home, so if you must buy a home then you need to look for a cheaper home. Or stay in a short term rental or short term hotel and put your stuff in storage. [/quote]
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