I bought a home from a friend a few years ago. Currently I owe around 12K. Now he is moving and wants to sell me his current home. (He has and will finance both deals). New home is 175k...want to sell this one and walk out with at least 112k (pay off current 12 owed on this home and use the other 100 to put down on the 175 for the new one..thus financing 75k on the new home deal).
We want to move to the new place and then sell this one...how should we handle the 100k while living in new house while old house sells? All of this will just go thru an attorney so we don't have mass closing costs etc. Thanks!
2007-05-31 01:51:58 · 2 answers · asked by frozenfun 2 in Business & Finance ➔ Renting & Real Estate
There is a book called "How to Sell Your House in 5 Days." If you use his system you should be able to sell your old house quickly so your friend won't have to wait very long for the $100K. Your best bet is probably to write up two loans. One for $100K that you will pay off quickly (maybe write it as a 90 day note or something like that) and the other for $75K that will be spread over 30 years or however long your friend is carrying the loan. That way your friend has it in writing that you owe both.
2007-05-31 03:49:40 · answer #1 · answered by angela 6 · 0⤊ 0⤋
Just get a bridge loan. Nothing unique about your situation, it happens all the time.
2007-05-31 01:54:58 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋