ANSWERS: 3
  • If it's a gift, I think there are limits on how much the gift can be. As far as a loan goes, you can borrow from a friend, but I would not suggest it. Not if you want to remain friends with that person. Your best bet would be to wait for your current house to sell so you don't end up with two mortgage payments.
  • Can you put a contingency on the new house that says that you can not close until the old house sells? I would not be buying a new house in this market until my old house has sold. It is very risky for you and your friend.
  • Very risky....what if your old house does not sell? If you put a deposit on the new one and close the deal...you will then be responsible for the expenses of 2 houses. If the deposit is a 'good faith' deposit on the new house purchase CONDITIONAL on your old one selling...no harm done. If yours doesn't sell within the specified time you get your money back and lose out on the new one. Where you get the money from for your deposit is irrelevant...as long as there is no risk of losing the deposit, you and your friend should be fine!

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