Real Estate gap funding - best approach?
I’m building a new home (FL) that will be my primary residence. It will be done in Dec. It’s $609k and I’ve put $120k down. Factoring in $11k closing costs for a cash purchase, I need $500K to close. My current home (GA) will go on the market Sept 1, listing at $785k, which is below market value. We are hoping for a quick sale, but who knows in this market?! I own this house outright - no mortgage. If my current home doesn’t sell by the time I need to close on the new home, what is my best option to secure short-term funds without touching my 401k? Thanks for any guidance you can provide!!
u/Loki_Knows — 1 day ago