Home sale contingency

Has anyone been able to purchase a home recently with a home sale contingency? I’m not currently ‘looking’ to buy a home, however, if my dream house comes on the market (I’m interested in a home in a small development where homes rarely come on the market), I want to be ready to buy it. My income is high enough to qualify for my current mortgage and the new mortgage. The issue is the down payment, I’d need to pull equity from my current home, but rates are too high to refinance. Would it make sense to use savings plus a 401k loan and then repay after selling my current home, or should I assume I could get the house with an offer with a home sale contingency? I know this is all theoretical, but I don’t want to miss out on the potential opportunity to buy the house that I want.

submitted by /u/Traditional_Craft_62
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Has anyone been able to purchase a home recently with a home sale contingency? I’m not currently ‘looking’ to buy a home, however, if my dream house comes on the market (I’m interested in a home in a small development where homes rarely come on the market), I want to be ready to buy it. My income is high enough to qualify for my current mortgage and the new mortgage. The issue is the down payment, I’d need to pull equity from my current home, but rates are too high to refinance. Would it make sense to use savings plus a 401k loan and then repay after selling my current home, or should I assume I could get the house with an offer with a home sale contingency? I know this is all theoretical, but I don’t want to miss out on the potential opportunity to buy the house that I want. submitted by /u/Traditional_Craft_62 [link] [comments]

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