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by CareyBot

DEAR BOB: My townhouse is worth about $300,000. My mortgage balance is around $46,000. I believe I can buy a small house for under $200,000 in Arizona. Does it make sense to buy the new house with no mortgage? What if I find that house before I sell my current home? – Judith E. DEAR JUDITH: If you commit to buying a $200,000 house in Arizona for all-cash before selling your current home, you might be in financial hot water unless you have $200,000 spare cash. Purchase Bob Bruss reports online. Instead, I suggest you include a mortgage contingency clause in your purchase offer for a 75 percent or 80 percent mortgage just in case your townhouse doesn't sell as quickly as you anticipate and for as much money. More important, I recommend you don't commit to paying all-cash for a hom...