U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-17-2012, 06:14 PM
 
Location: Ocala, FL
392 posts, read 438,472 times
Reputation: 1222

Advertisements

How about asking the seller to carry the note short-term on the house until your home sells? Then you could refinance with the 20% down. Set it up with, say, a 2-year balloon (giving you time to sell your home) and no prepayment penalty if you should be able to refinance it sooner. Of course, this presupposes the home you're looking at is not a foreclosure or short sale and the seller can afford to do the financing.

Whatever happened to bridge loans? People used to be able to get a bridge loan for just this type of situation, old house hasn't sold yet and new one is available.

Good luck. I know how frustrating it is to find the dream property and be stuck with the one you can't unload overnight. Renting does have its good points, just buy out your lease and move!
Reply With Quote Quick reply to this message

 
Old 06-17-2012, 06:22 PM
 
Location: NJ
17,579 posts, read 38,288,152 times
Reputation: 16098
Quote:
Originally Posted by FloridaHappy View Post
How about asking the seller to carry the note short-term on the house until your home sells?
They can ask for anything they want I guess, but I would imagine 99.9% of sellers are going to turn that request down.
Reply With Quote Quick reply to this message
 
Old 06-17-2012, 07:23 PM
 
Location: Raleigh NC
7,754 posts, read 6,110,007 times
Reputation: 6882
You need a HIGHLY qualified Realtor.

If that person is not who sold you your current home, or if you otherwise feel that you need to open the door to other agents, then you should STOP where you are right now, and interview agents and find an agent to represent YOUR INTERESTS.

In theory, the listing agent is most interested in selling the home, and representing the Seller, and so if you quickly told them "I am going to get my own agent", they should be OK with that - and avoid any procuring cause claim (so, you're right - there is "something" going on with the listing agent as to this home).

There is not one site online that can qualify you for the mortgage situation you're contemplating. Not one. So, you also need to be speaking to a local lender about your situation. You may think you can swing both mortgages, but until a lender says "yep, we'll do that" then the simple answer is you're not getting bridge financing. I've dealt with folks doing "simple" transactions and beaucoup of $$ this year, and there are very few bridge loans out there.
Reply With Quote Quick reply to this message
 
Old 06-18-2012, 11:20 AM
 
Location: Barrington
41,848 posts, read 31,715,364 times
Reputation: 14076
Quote:
Originally Posted by MrRational View Post
You'll find that the main variable for DOM (as alluded to above) is about the asking price.
Reply With Quote Quick reply to this message
 
Old 06-18-2012, 11:23 AM
 
Location: Barrington
41,848 posts, read 31,715,364 times
Reputation: 14076
Just curious...why are the people of the dream house selling?
Reply With Quote Quick reply to this message
 
Old 06-19-2012, 10:59 AM
 
6 posts, read 8,739 times
Reputation: 10
I'm in a similar situation. In addition to the good suggestions here I'll throw out a couple of other ideas:
-short term loan against your 401k. Also I'm told that I can withdraw my entire 401k balance as long as I return it in 60 days. However the failure to return it results in a gigantic tax bill. I don't like this option.
-a "hard money" loan -- lender loans the money so that I don't have to unload investments and take a tax hit.

However....the fiscally cautious part of me says the smart path try to sell my house and once I'm under contract then make an offer on the other. The consequences of being stuck with two mortgages could be disastrous.
Reply With Quote Quick reply to this message
 
Old 06-19-2012, 08:01 PM
 
145 posts, read 818,552 times
Reputation: 137
Thanks again everyone. We put in an offer and were outbid so we won't be buying the house after all. I'm somewhat relieved to not have to deal with the stress of trying to sell our house within the 90-day window. But I hope that at the right time we can find a house we like just as much in just as nice a subdivision (the subdivision in general is beyond our price range but the house wasn't). I found out the seller was close to being foreclosed on and that is probably the reason for selling for such a great price. I also plan to use a buyer agent. We still plan to put our house on the market and hopefully we won't be living with my in-laws and looking for the right house - done that already.
Reply With Quote Quick reply to this message
 
Old 10-12-2013, 03:36 PM
 
Location: Florida -
8,238 posts, read 9,990,552 times
Reputation: 15076
Quote:
Originally Posted by Nadjalou View Post
Thanks again everyone. We put in an offer and were outbid so we won't be buying the house after all. I'm somewhat relieved to not have to deal with the stress of trying to sell our house within the 90-day window. But I hope that at the right time we can find a house we like just as much in just as nice a subdivision (the subdivision in general is beyond our price range but the house wasn't). I found out the seller was close to being foreclosed on and that is probably the reason for selling for such a great price. I also plan to use a buyer agent. We still plan to put our house on the market and hopefully we won't be living with my in-laws and looking for the right house - done that already.
You are probably better off. I faced a similar situation a little while back ... putting an offer on a short-sale (a terrific property/price that we really wanted) before we sold our other property. Suddenly, within 10-days, the short-sale property was ready to close within two weeks, instead of the 90-120 days I had expected. Having already had our other property on the market for some time, we had no assurance of selling quickly. Therefore, post-inspection, I found a way out. Within about a month, our other property sold.

I've recently noticed that the same/similar properties are on the market for about $200-$300K above what we could have bought the short-sale. But, rather than beat myself up, we found another, even better property and bought it.
Reply With Quote Quick reply to this message
 
Old 10-12-2013, 06:12 PM
 
Location: Lexington, SC
4,281 posts, read 10,284,194 times
Reputation: 3700
Quote:
Originally Posted by manderly6 View Post
I didn't need to read past this. You "think" you could afford both? For maybe 2 or 3 months? You are heading down a path of a possible horrific financial decision.

Tough love, but I agree.
Reply With Quote Quick reply to this message
 
Old 10-13-2013, 04:03 PM
 
5,048 posts, read 6,392,001 times
Reputation: 4121
Write your contract to purchase with your Buyer's Realtor. Put in there a kick out clause or wait to hear back on that from the listing agent but realize it should be in there...49 hours or 72 hours or whatever. List your house at the same time. You can do this for a day if you like.

I would not have two mortgages dependent on a relatively quick sale going into holiday time and winter.

I would not have two mortgaes dependent on a sale any time these days. Who knows what could happen.

Find out why the low price on the home you like. Something wrong with it?

A road going in or highway expanded which is happening the great Raleigh area so disappointingly often lately?

Is it a short sale (takes a while to work out and settle.)
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top