I am closing on another house on August 4th and have not sold my house yet. I need to sell my house for the down payment and closing costs. I tried to get a line of credit for my full equity amount to do this but I don't have enought income to do so. What would you do in this situation?
2006-07-15 17:00:58 · 11 answers · asked by ninetythreeredcapri 2 in Home & Garden ➔ Other - Home & Garden
It was originally contingent upon the sale of my home, but was changed when we didn't want it contingent.
2006-07-15 17:05:59 · update #1
not a good place to be in my friend... you jumped befored you looked! i would let the contract for the new house go down the toilet, since you were rejected, and wait for the house to sell.. then start looking again. if you cant afford a dwn payment , you sure can not afford 2 mortgages. most realtors, and banks dont care about this until everything is under contract, and you owe them a shitpile of money! if you do wind up with someone to help you..it could wind up being a huge headache with all of the crap involved .
2006-07-16 03:04:38 · answer #1 · answered by JUDAS PRIEST 4 · 0⤊ 0⤋
I would look into a bridge loan. If you cannot qualify for a bridge then definately sit down and talk to your Realtor about working to get you an extension. The real solution is to sell your house so you need to stand back and take a serious look at why your house has not sold. Is the market slow where you live? Is it priced out of range? Do you need to de-clutter or update something in the house? How about your curb appeal? If it doesn't look inviting from the exterior then sometimes people won't come in to look. I know some people hate us Real Estate Agents, but there is a great deal of value in what we do, so listen to your Agent. There is a lot of expertise. Also, if market conditions warrant it, ask your Agent to have an "Agent's Only Open House." Have cookies and lemonade and offer a door prize with a drawing held for everyone that fills out a comment card when they come for the open house. But in order to be eligible for the prize, they have to fill out card. I give away $25.00 gas cards at mine. Then I get some honest opinions on what is going on with a listing.
2006-07-15 17:53:00 · answer #2 · answered by aprilkaybroker 1 · 0⤊ 0⤋
Call your realtor and your mortgage company (for the new loan) as soon as possible and explain the situation. They may be able to rewrite the purchase contract to be contingent on your selling the old home.
2006-07-15 17:02:50 · answer #3 · answered by Stuart 7 · 0⤊ 0⤋
rent out the first one?? do an 80/20 loan, or 100% loan to cover te down payment for your new home, take out a second mortgage on your first home to have a downpayment for the second....why did u get rid of the contigency??
2006-07-15 17:27:55 · answer #4 · answered by dservitt 1 · 0⤊ 0⤋
the loan 4 the new house may not go thrue and if you are working with a realtor listen to thim thay get pade big bucks 4 a reason
2006-07-15 17:04:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you should have had the purchase of the new house contingent upon the sale of your first house.
People do this all the time.
2006-07-15 17:04:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can get a "bridge loan" and pay off the loan when your old house is sold.
2006-07-15 17:03:01 · answer #7 · answered by Anonymous · 0⤊ 0⤋
That's what they call being "in between a rock and a hard place". hope you have a cash reserve somewhere to draw from.
2006-07-15 17:02:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Either make two mortgage payments, or kiss your *** goodbye
2006-07-15 17:10:06 · answer #9 · answered by Anonymous · 0⤊ 0⤋
bend over and get ready to take a big one
2006-07-15 17:03:07 · answer #10 · answered by Anonymous · 0⤊ 0⤋