Hi all,
Interesting situation I ended up in of late;
I originally setup to obtain a deferred mortgage on a property in Quesada
until my Torre town centre apartment was sold (not the wisest of moves I
agree, but sustainable).
Now only a few weeks before I am to sign for the deferred mortgage I have
accepted an offer on the apartment, and received a deposit, which is
great,,,, but!
If I am to hold of on the deferred mortgage (and save borrowing an extra
100k for a few weeks) then I need to have the sale of my apartment go
through 1st, and then the purchase of the house secondary.
The buyer is supposed to be paying cash, but I will need a very quick
turnaround at the notary to enable all this to happen a few days, or is a 3
day timeframe between notary and funds transfer too optimistic?
What happens to the money I receive from the sale, and how long does it take
to get back into my account to use it to purchase the house, or can the
notary hold it and then pass it on to the seller?
If I sell my property 1st I will have nowhere to stay until the sale goes
through, and nowhere to store my stuff, and I don't want to start plane
hopping.
Phil
Interesting situation I ended up in of late;
I originally setup to obtain a deferred mortgage on a property in Quesada
until my Torre town centre apartment was sold (not the wisest of moves I
agree, but sustainable).
Now only a few weeks before I am to sign for the deferred mortgage I have
accepted an offer on the apartment, and received a deposit, which is
great,,,, but!
If I am to hold of on the deferred mortgage (and save borrowing an extra
100k for a few weeks) then I need to have the sale of my apartment go
through 1st, and then the purchase of the house secondary.
The buyer is supposed to be paying cash, but I will need a very quick
turnaround at the notary to enable all this to happen a few days, or is a 3
day timeframe between notary and funds transfer too optimistic?
What happens to the money I receive from the sale, and how long does it take
to get back into my account to use it to purchase the house, or can the
notary hold it and then pass it on to the seller?
If I sell my property 1st I will have nowhere to stay until the sale goes
through, and nowhere to store my stuff, and I don't want to start plane
hopping.
Phil
Comentario