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August 04, 2008


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I would always try to sell first. Just make sure you have a 60-90 day escrow. This gives you time to move out and allows you to purchase a new home. With the purchase of the new home, you just tell the owners of your closing date and agree on a purchase in cash on that date. If it's a foreclosure property, nobody is living there anyways, so you may be able to make an agreement with the bank to start moving your boxes in a few weeks before closing.

If things overlap too much, get a storage unit for 1 month and live with family or in a hotel room for a few weeks to 1 month. It will cost you very little and there won't be any juggling 2 mortgages. Heck, if you can pay cash for a house, the closing costs on a temporary mortgage alone would be more than a few weeks in a hotel room.

Wise --

You're assuming I could find a new place relatively easily. After looking for 16 months, we've only found one place that's even close, so I'm not confident we could find a new place quickly. And we do NOT want to live in an apartment/hotel for any amount of time.

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