Re:Opendoor, a startup worth emulating
by brianwawok on Tuesday December 13, 2016 @09:31AM
(#13166989)
That is taking a pretty big risk. Wonder what kind of price the market would pay?
I myself was able to chain break when I bought my current house, by doubling up on my mortgage (keeping old until after I had moved and it sold). Cost me maybe 5k in interest on the period of double mortgage? But because I could offer to buy my new house with a clean offer, I saved 5-10k in cost (as I would beat out a 10k offer that had a * on requiring a sale to go through first).
of course my strategy only worked because I buy cheap houses not the 40% of my income houses that the bank wants me to buy...
I myself was able to chain break when I bought my current house, by doubling up on my mortgage (keeping old until after I had moved and it sold). Cost me maybe 5k in interest on the period of double mortgage? But because I could offer to buy my new house with a clean offer, I saved 5-10k in cost (as I would beat out a 10k offer that had a * on requiring a sale to go through first).
of course my strategy only worked because I buy cheap houses not the 40% of my income houses that the bank wants me to buy...