Quote:
Originally Posted by Porsche-O-Phile
Frankly I'd be more likely to sell to someone who I knew was putting down a little less as a first time buyer than someone bringing 75% cash to the table. In the former situation I'm really helping someone buy a home. In the latter situation I'm probably just selling to some house-flipper or investor.
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Interesting. I am looking to sell my home that I've lived in for over 20 years and move into a nicer, slightly more expensive home. I am free and clear on my home (paid off my mortgage 7 years ago), and am hoping to close on the sale of my current home before I purchase my new home. Thus, I would likely be putting 75% or more down on the home, so I can enjoy a relatively small monthly mortgage payment.
What I am doing financially is typically considered to be an 'old school' way of doing things. (Take on the smallest amount of a loan possible & pay off debt ASAP). Yet based on POP's comments, this type of scenario is looked upon negatively. I'm not flipping my home, nor am I an investor -- I just believe in minimizing my debt first and foremost.
Interesting how an old school way of thinking (pay off debt, minimize loan amount) can be confused with a new type of investing (flipping a house). From totally different sides of the financial spectrum, yet the action (putting 75% down) is similar.
-Z-man.
PS: I have already gone through the pre-approval process, and the numbers my mortgage person is giving me are far higher than would I would be comfortable taking on a loan for. So my max budget is lower than the mortgage person's allowable budget for me. As stated before, I don't want to be house-poor. I'd rather take a modest bump in my house than live in a mansion decorated with lawn furniture and have cupboards filled with Rahmen Noodles. Old school works best, IMHO.