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Question
I recently aquired a new position forcing my family to move. Our current home is for sale and on mls. We have an offer on a new home with a condition of sale for our current place. Recently a new accepted offer has been placed on the new new home. We have an option of waiving our condition of sale. With no offer on our current place what kind of mortgage options are available for my wife and myself in order to purchase the new place.We have two full years left on our existing mortgage.
Hi Jeff,
Talk to your Mortgage Broker. Usually you can Port your Mortgage from one property to another!
Depending on your equity and Income? You may be able to Purchase this new home without an Offer To Purchase on your existing property?
If you're worried about your existing home not selling, then I would walk away from the deal and wait until you have SOLD FIRM! Other properties will come on the market. Your Mortgage Broker will help you.
Good luck!
Derek
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Derek Thanks for your time. Thanks for the reality check as well. Sometimes its better to back up and look at what we have now instead of trying to move foward into an unknown situation. I think backing away and waiting for the Sold sign to show up is probably best for our current family position. Thanks again | ||
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Answers by Expert:
Derek Hamilton
Expertise
Any questions relating to Residential Real Estate in the City of Toronto or Southern Ontario. How much is my home worth in todays market? What's involved in Buying Real Estate ? How much do you need for a down payment? What's involved in Buying a Condo? What's involved in Buying a Co-op? What do you need as a deposit? How to choose a good Real Estate Agent for your property? What should you do to prepare your home for the market? How much Commission should you expect to pay? What are the expenses when Buying or selling your property? Should you have your home Staged for the market?
Experience
Residential Real Estate Sales Representative in Toronto Ont,Canada for 25 years. Award winner for 20 straight years with Royal Lepage & Sutton Group. Prior experience was 10 years building new custom homes & Renovations in North Toronto. I have a total of 30 years experience in the Residential Real Estate field.
Organizations
I also subscribe to the Georgian Triangle Real Estate Board in Collingwood & the surrounding areas.
Education/Credentials
George Brown College "Carpentry", Continuing Education with the Toronto Real Estate Board. Member sinse 1985.
Awards and Honors
Platinum Award 2000-2008
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