I am interested in a new home. Price is 320k. Broker is willing to buy my home for 189.9. I have 129k equity in my home. my bank requires me to have 5% of the asking price of the new home in my bank for 30 days. The bank considers this a swap, even though the broker is buying mine outright. I would think the equity in my home would be enough. I dont have 16k in the bank for this, so this is keeping me from doing this deal. Is there any way around this?
If I sold my house to Joe Blow, Than… Continue