I need to get money out of my house to purchase a new house ..... and do some repairs to my house before?

putting it on the market. My house is paid off and will probably net me about 150,000 ..... the new house is 300,000. Would you suggest committing to buying before my house is sold ?I need to get money out of my house to purchase a new house ..... and do some repairs to my house before?
Only if you can afford both mortgage payments for as long as it takes. Otherwise, you stand a high chance of failure such as desperately selling your old house for a lot less than what you are asking, losing your earnest money on the new house, or foreclosure on one of the houses.I need to get money out of my house to purchase a new house ..... and do some repairs to my house before?
If you do that, then you will be short about 150,000. Sell it, rent somewhere cheap, then buy later. Taking out mortgages that you can't pay off is how you wind up on the street.
Definately not.
I am in the new homes market, and I can tell you, that it can be tricky. But here is what you can do; if you are going to build a home, sign a contingency sales contract, and make the purchase of your new home based on the sale of your home. I think I would do only the necessary repairs and see if Ican't try to sell the home with it not having all the updates you might have wanted to do. If it is more important to you to move, than to make a huge profit, then go ahead and list your house with a very competitive price. If you are going to net 150000, then you can stand to take a slight hit if moving in your new home is more important to you. Oh, and NEVER refi a home thats been paid off to get money to purchase a new one; so mcuh more difficult to sell it. Try a bridge loan. You need to be careful with those though; know your market and make sure that your house stands a great chance of selling quickly because it is basically two mortgages; on the bridge loan, you still pay the mortgage and insurance on the existing home, but you get it reimbursed back to you once you send them the copy of they cancelled checks for you mortgage and homeowners insurance.
I did this last Feb. I bought a house my wife loves before it got away. I borrowed money against my old house on a ';bridge'; loan that allowed me to make a large down payment on the ';new'; (they are actually the same age) one and also money to replace carpet and paint the ';old'; one.





I think the ';old'; one sold much faster and for more money because we fixed it up and because we and our dog moved before we put it up for sale.





The bridge loan was interest only but it still would have been tough making that plus the new house payments for years. I only had to do it for two months.
The only way to take money out of your current home is to take a home equity loan. Which puts a loan back onto your paid off property.





Of course you can sell the $150,000 'as is' unless it needs major work to make it approachable.





The Seller of the $300,000 may consider letting you do a first right of refusal, meaning that if another person wants to purchase the house also, that they will give you a 24, 48 or other mutually agreed upon time to lock in the purchase.
list with a Realtor price it right with comparative market analysis it should sell quickly but look in the meantime you can work things out such as addendum's in contracts to buy you time and settlements are usually 30 days in PA anyways. If you find a good Realtor they will be able to suggest and work everything out so you're not waiting for anything but in today's market there are often dry settlements so timing is key you don't want to live in your car for 2 days because a mortgage lender or settlement company screwed up. When people sell their homes they need to be prepared to work with the Realtor not just lay back and let bad things happen