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Buying and Selling |
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is there a way to work out using the downpayment I get from my home sale as a downpayment on a new property? In the same timeframe? |
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Real estate agents, lawyers and other closing agents are used to dovetailing the two transactions so that things work out if you're planning to buy the new house with money from the sale of the old one.
I'm not sure, though, what you mean by "down payment". If you are asking whether you can use the earnest money deposit your buyers gave when they made their offer to buy your house, no, you can't touch that. It isn't yours until the last day, when you actually sign away the house to them. You can't use it as a deposit on the house you want to buy. |
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Edith
Originally published on February 13, 2008 |
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