Buying a new house?

Question

Okay I need to educate myself...I own a twonhome worth about 115K and owe about 108K on it. Anyhow it is showing its wear and tear (20+yrs old). How do I go about getting into a simlar priced home? How do I sell and buy at the same time and do I need a downpayment. My credit sucks (score is under 600) but my mortgage payments/car payments are always on time. Anyhow any experience realtors out there to tell me how selling and buying works. Thanks

I don't need referals, I need information about how one sells and buys at the same time with such little equity in a home, please no links to mortgae/finance companies

Answer 1

First of all, you need to go to a loan officer and see what you can afford to buy. You don't want to sell what you have and find out that you cannot get something of similar value. Also take into consideration what the interest rate is on what you own now and what interest rate you qualify for. With a score under 600, you're not going to get a good rate.

Answer 2

you can buy subject to the sell of your own home. ---- If there's a market for townhouses in your area, you should be ok but if the market isn't hot for them then you could end up still tied to your townhouse until the market picks up.... generally Christmas time (holiday season) isn't a good time to be selling unless the market in your area is still going strong (sellers market) --- you will need a downpayment. My husband and myself sold our older home and bought a brand new home - and we had to put money down too, so we learned first hand about doing the "subject to sell" of our home.... we sold our home in the late summer.

Answer 3

try American dreams mortgage company my credit sucks to but we just signed on our house