I meant refinance my new home with the proceeds from the sell of my current home. This way we have lower monthly payments and more equity in our home. The largest factor is getting our house payments to a reasonable level. We don't want to continue paying high house payments if we have a large sum that could be applied towards our new home to lower them. We're considering 2 options should they release the contingency. Option 1 is that prior to putting our home on the market we do a home equity loan/line of credit. We then would take those funds and apply for a conventional loan with the downpayment we expected. Then we would put our current home on the market. Worst case scenario here is that we pay mortgages on our current home until it sells, mortgages on our new home after closing, and interest payments on our home equity loan/line of credit until our current home sells. Which is better...equity loan (prepayment penalites), or equity line of credit (higher interest). Option 2 (less favorable)- would be to finance new home with a VA/0 Down Loan. Prior to putting current home on market, take out equity line of credit in the event we need the money to make house payments. Then put current home on market. After current home sells, refinance new home to put proceeds towards mortgage and lower montly payments. Worst case scenario is that we pay high payments on new home, regular mortgage on current home until it sells, and have to wait 6 months before we refinance (plus add the cost of refinancing). I think we are leaning towards option 1. Can anyone lend some insight?

weedyacres, I think actual damage is less common, but happens. The removal of hardscape and landscape items have been reported (wasn't it in GW about the paved walkway being removed?), and other cases where the new owners found multiple holes in the ground where trees and shrubs had been dug up. Some have reported missing or switched appliances, light fixtures and other items that should have remained per the contract. Other annoyances abound, such as leaving items behind for the owner to clear out (hazardous waste products, large/heavy items requiring special disposal pick-up, etc.) discovering they painted around the furniture rather than behind it (another GWer's post), and damage hidden by furniture or rugs. In one local case, the previous owner's son refused to leave and it took a drawn out, and expensive, legal battle to remove him. It is bad enough having to deal with some of these issues when you become aware of them at a vacant house walkthrough. In our case, multiple cans of hazardous waste and multiple bulky items were left for us to take care of, but we were under time constraints and had to close rather than force the owners to remove the junk. I hate to imagine what they would have thought to get away with leaving if it had been had been after closing!

@Mark - Below is contract language for closing. Closing Date: Unless earlier terminated or extended by Seller as provided herein, the “Closing Date” for this transaction shall occur following substantial completion of the Home on a date to be specified in a notice to be provided by Seller to Buyer. Seller will give Buyer at least five (5) days prior notice of the Closing Date, as well as the time and place for Closing once a firm date is established. BECAUSE OF THE UNPREDICTABLE NATURE OF HOME CONSTRUCTION, IT IS NOT POSSIBLE TO ESTIMATE THE EXACT CLOSING DATE WITH ACCURACY. BUYER ACCEPTS THE UNCERTAINTY OF THE ESTIMATED CLOSING DATE AND WAIVES ALL CLAIMS AGAINST SELLER, ITS AGENTS, EMPLOYEES AND CONTRACTORS ARISING IN CONNECTION THEREWITH. Also, Seller reserves the right to postpone the Closing Date after initial notice is given with one (1) day notice of the firm Closing Date. @oliviag55 - My understanding is that if final closing inspection occurred in Jan and we close in Jan, we won't be assessed property tax on home but only on land value so homestead exemption is moot. I checked with county on this as well.

I was not clear whether you were intending to not disclose the date or if one had not been included. That's fine and I am glad one was specified -- this deal i just so wonky that I don't trust your agent. And no criticism intended on your native language or English skills. I hope that was clear. As suggested above, I would certainly do far worse in ANY other language. The issue is getting someone to make sure you understand the situation you are in, what your options are and what the risks are so that you can make an informed decision. Your agent should be doing that even if their commission is paid by the seller. I am especially concerned about the suggestion that you not include the addendum in the documents you send to your lender. That is not okay. That is hiding a significant risk to the lender as well as to you and that can be a fraud -- even if not meant to defraud the lender. It does also raise insurance issues and more -- even beyond the risk of the seller not leaving when they are supposed to or them trashing the place and leaving it worse condition than you bought it in. It is not so simple as your agent might have led you to believe. It can go well. It can go bad. It can go very bad. But there should be a very real reason for not simply delaying the closing 15 days and taking possession then -- and you need to know why, agree to it, know the risks, have your lender and your insurance company know the risk and any of their concerns and yours be addressed if you close before possession.