My wife and I are actively looking to buy a house out of state where we expect to spend our retirement. Although we intend on selling our current residence, I would like to be able to make an offer without contingencies. Having a contingency based on the sale of our home will both make our offer less attractive and it adds stress trying to coordinate an out of state move with two closings. Although mortgage contingencies are much more common and accepted regularly, I would prefer not to have a mortgage or to pay the costs associated with obtaining one.
The combined amounts between our savings and the contributions in the two Roth IRAs would fully cover the purchase if we were to go this route. We're not considering drawing earnings from the Roths, so the 10% early withdrawal penalty would not apply.
Making an offer with one or both of those contingencies is not off the table. I'd just like some thoughts on this idea. What am I not thinking about? Am I putting too much value on having the flexibility?
Any input or suggestions would be greatly appreciated.
The combined amounts between our savings and the contributions in the two Roth IRAs would fully cover the purchase if we were to go this route. We're not considering drawing earnings from the Roths, so the 10% early withdrawal penalty would not apply.
Making an offer with one or both of those contingencies is not off the table. I'd just like some thoughts on this idea. What am I not thinking about? Am I putting too much value on having the flexibility?
Any input or suggestions would be greatly appreciated.
Statistics: Posted by DaveInPgh — Thu Mar 14, 2024 12:59 am — Replies 3 — Views 418