The FSBO purchase is being handled thru the seller’s attorney.
Purchase contract specifies a 20% down payment, etc. I have cash for 10% but not 20% until I sell current home. My usually reliable mortgage broker has been slow to provide a solution to the extra down payment needed. (I was thinking a bridge loan, a HELOC, or a contract revision to 10% down.)
The broker seems to have an issue with not having current home listed or under contract.
I assume that entering into a purchase contract while a part of the down payment is tied up in current home equity is a common situation. Was this a wrong assumption?
How is a “buy first/then sell” scenario usually handled?
Should I request a contract revision to 10% down? It would be no cost to the seller, etc.