sale. What if the home we are selling is too much to afford with the new house and it goes into foreclosure? what will happen to the contract with the real estate lady if its within her time frame?
2007-12-03 00:56:14 · 6 answers · asked by cdf0 1 in Business & Finance ➔ Renting & Real Estate
If foreclosure is started, you won't be buying a second house. As soon as the lates and foreclosure hit your credit files, any thoughts of a new mortgage will quickly vanish. You're going to have to find a way to sell the first house and then buy the next one. If you can't find one really quickly, you may end up renting for a short period of time.
2007-12-03 01:13:09 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
You need to do some homework before listing your home for sale.Check online to see what your neighborhood home sale market are like. Visit some open house and compare their home with your asking price. Talk with a local real estate broker. Good Luck. When you are ready to go to closing on your home then start looking for your new home.
2007-12-03 01:03:55 · answer #2 · answered by just Reese 2 · 0⤊ 0⤋
You shouldn't buy your new house until you've sold your first one if you can't afford two mortgages. The bank wont allow you to buy the second one until the first one is sold.
When you make an offer to buy a house make the offer "contiengent on the sale of my existing home". This means; I want to buy your house and will, just as soon as my house sells.
2007-12-03 01:03:50 · answer #3 · answered by Max B 3 · 0⤊ 0⤋
It is a horrible market right now. Even as a buyers market we have the problems of increased daily costs. Consider waiting to sell and buy until BUSH is out of The White House.
2007-12-03 01:05:33 · answer #4 · answered by Crystal B 4 · 0⤊ 0⤋
Just wait to buy. The biggest mistake you can make in a market like this is being in a hurry to buy!!
You will always have choices for the next year or so... its a buyers market so slow down and think priorities! Which is to sell your home first.
2007-12-03 01:00:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Don't by the new house if your having these kinds of doubts until the old one sells. You could also look into the pros and cons of keeping it as a rental.
2007-12-03 01:01:51 · answer #6 · answered by lord_he_aint_right_nda_head 3 · 0⤊ 0⤋