Jun 16 2009, 12:02 PM
QUOTE(asiatrader98 @ Jun 16 2009, 10:30 AM)
thank getsmart
but what I want to know is: if u r in my condion whar r u going to deal with it?
sell the present house first or booking the new house first?
but the timing i think can not be matched if i want to use the money of present house after selling to settle the new house & only borrow the difference from the bank
Added on June 16, 2009, 10:32 am
in fact i am moving from big house to smaller house....now the price of new house is too expensive
Hey Asiatrader,but what I want to know is: if u r in my condion whar r u going to deal with it?
sell the present house first or booking the new house first?
but the timing i think can not be matched if i want to use the money of present house after selling to settle the new house & only borrow the difference from the bank
Added on June 16, 2009, 10:32 am
in fact i am moving from big house to smaller house....now the price of new house is too expensive
Are both properties the same type of property? i.e. freehold?
Assuming that they are the same type of property, I suggest that you negotiate with the seller to allow you more time to settle the balance purchase price. In the agreement you can indicate that the difference between the loan sum and the balance purchase price will be paid within fourteen days from the completion of the first sale. The Seller might not agree to this unless you provide him with some compensation (eg. maybe paying him rent to wait)
Otherwise, it would be safer to sell your current house first and make sure that the purchaser has got his loan approved. Even then there is a risk that if the purchaser does not pay you on time you might breach your agreement with the seller of the new house and have your deposit forfeited.
Only after I have looked at all the documents can I give you proper advice.
Regards
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