Selling home/buying home simultaneously
Real estate agent and the mtg broker she works with want me to refinance loan with them, take equity out of it and buy a townhouse, move into townhouse while maintaining my mtg with my present home while trying to sell it.
I called Wamu (my original lender) and questioned him about this and he told me that a person cannot carry two separate loans on homes within 50 miles of each other.
Real estate agent said it is better to have empty home to show for sale and that is why I should move out of it and move into townhouse (which she is also selling to me... nothing signed yet). How could she not know this important detail?
This is in California. Thanks!