Has anyone sold a home and bought another at the same time with no money down?

All of our equity is in our house therefore we would have to sell to buy or do 100% financing. Problem with that is that many sellers are hesitant to not get a downpayment because of the markeT (undestood). Problem is that we have no where to stay if we did sell and we would be moving from Putnam County bacj to LI. Has anyone here been able to do that? Of course, I would not put an offer until I am in contract. Oh, and hubby refuses to rent. Please let me know you experiences either as a seller or buyer...

Message edited 12/29/2006 11:15:37 AM.

Re: Has anyone sold a home and bought another at the same time with no money down?

do you plan on using the current house profit as a down payment?

b/c that is very common and should be no problem- and you wont have to do 100% finacning

it really should be fine either way- you might have to give a few thousand just to show you are serious about the house

Re: Has anyone sold a home and bought another at the same time with no money down?

I'm not sure how easy it would be you would have to find a seller that would allow a contingency - and many do not feel comfortable with it. Ultimately you are telling a seller that you will buy their home contingent on the sale of your own property. There is no guarantee with that and many will not find that offer attractive. Not to say that no one will do it but not many. Even if your property is under contract it's not a definite sale.

I don't want to say that it can't be done - I hope that it can.

ETA: You might be able to work with your attorney to allow you to stay in your current place until you close on the new place however still have the sale money to transfer to the new deal.

Message edited 12/29/2006 11:28:40 AM.

Re: Has anyone sold a home and bought another at the same time with no money down?

in this market I think it's easier to do then 2 years ago

the sale of my Dad's house in July was contingent on the buyers selling there home-

he was just thankful someone wanted to buy it

Re: Has anyone sold a home and bought another at the same time with no money down?

i think beth is right - it's a slow market - people are more likely to take a buyer with a contingency - than no buyer at all.


But if you are nervous about that, I know people who have taken a home equity loan (must be done before you list your house) and use that as the down payment.

Re: Has anyone sold a home and bought another at the same time with no money down?

Message edited 12/29/2006 3:01:12 PM.

Re: Has anyone sold a home and bought another at the same time with no money down?

Thanks everyone. I feel a lot better. To answer the equity question - yep , all the equity is in our house. I could put down a few thousand to show we are serious.