I need help. Dont know what to do. I go to look at houses so my husband and I have some idea of what we want to buy when my house sells. It just seems that everyone we have looked at that we like it sells to someone else. I dont have the money or cant get a loan till my current house sells. If mine does sell Its going to be very hard if not impossible to rent because I have 6 dogs. Im at a loss at what to do. Has anybody ever been in this situation and can give me hope. Im just so worried about everything, not sleeping. Email me please. Thanks Chrissy
2006-06-05 13:57:00 · 5 answers · asked by jeffeysmom 1 in Business & Finance ➔ Renting & Real Estate
You can make an offer pursuant to the sale of your home. If the house your looking at to buy has been up for a while they may accept your offer with the condition that if someone comes along with cash they can forgo your offer. It's worth a try.
2006-06-05 14:00:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You should speak with your lender regarding a Bridge Loan. This is a short term loan--- usually less than six months--- which can be used in two ways. It can be your down-payment on the new home, and it can also be used to pay the mortgage on your old home while it sells. Many folks use it for both purposes. You would get your bridge loan, buy your new home, move in, then put your old home on the market. When the old home sold, you would pay off the old mortgage and hopefully there's enough left over to pay off the whole bridge loan, too.
You can also get a home equity loan. Use your home equity loan to cover the down-payment on the new home. Move into the new home, put your old home on the market, and when sold, you'd pay off the original mortgage plus the home equity loan.
With both of these loan types, make sure you have enough equity in the old home that you do not end up drowning in debt once you buy the new home! In other words, make sure that what you sell the old house for is enough to pay off both the original mortgage and your "short term" loan.
A contingency clause in your contract to purchase someone else's house makes the seller far less likely to sell to you. So you want to avoid that if at all possible!
2006-06-05 21:24:46 · answer #2 · answered by dcgirl 7 · 1⤊ 0⤋
Any good real estate agent should be able to write offers contingent on the sale of your current house. Basically, you will be agreeing to buy a house as soon as you sell the one you have.
Keep in mind that in a hot real estate market this kind of offer is not very attractive to sellers, so this kid of offer is less likely to be accepted, but they can certainly be presented. You never know, you might find a seller who agrees.
2006-06-05 21:03:03 · answer #3 · answered by quietfive 5 · 0⤊ 0⤋
You can get a loan if you have good credit. Some lenders will lend you money, when they know you are selling your home. Once the house sells, you pay off the loan, or pay most of it off, whatever the case may be.
2006-06-05 21:03:40 · answer #4 · answered by Monika Lewinskeeze 5 · 0⤊ 0⤋
What tertro said: It's called a contingency offer.
2006-06-05 21:00:44 · answer #5 · answered by kentata 6 · 0⤊ 0⤋