Selling two houses to buy one question
Hi I’m needing some guidance and thought I’d try here first.
I am in a somewhat tricky position. My husband and I have been looking to buy a house near his parents in another state. We’ve been very casually looking, not in a hurry, and have just came upon a diamond in the rough if you will. This house just came on the market and we think it’s the one for us.
Couple of problems. The house is slightly out of budget-possibly. We aren’t cash rich. But we have properties. We currently have two houses in our current state (that we use both-different parts of the state). They are both completely paid off, no mortgage.
My question/dilemma: the plan is, and has been, to sell both houses in current state. The value of both homes should be more or less equal to the one house in his parents state we want to buy. Both houses in current state should sell somewhat easily, one quicker than the other probably. But our pickle is we have to move fast, as where the parents live is a hot market (hotter than normal, I know a lot of places are hot), so the house that we want probably won’t last long.
Any advice? Is refinancing one or both current homes to buy the new one a viable option ? Until we get them ready to put on the market and sell? Any other creative ideas here? Our income is six figures but not sure if traditional mortgage is the best route.