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Old 05-02-2018, 10:40 AM
 
55 posts, read 34,175 times
Reputation: 16

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Iíll keep it short. We put our house on the market in order to buy this other home. Sellers voided our contract and went with someone else the same day we had a buyer. We are still on the market and found another house in the same location but it needs fixed up. Other than moving a family of 5 into a home that needs totally remodeled, what are my options to buy that home and start remodeling while my home sells?
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Old 05-02-2018, 11:00 AM
 
Location: Rochester, WA
3,827 posts, read 2,047,976 times
Reputation: 10552
What are your other options?

I love brevity as much as anyone... but there may be such a thing as too short. Not sure we have enough information to go on here.
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Old 05-02-2018, 11:21 AM
 
55 posts, read 34,175 times
Reputation: 16
Quote:
Originally Posted by Diana Holbrook View Post
What are your other options?

I love brevity as much as anyone... but there may be such a thing as too short. Not sure we have enough information to go on here.
Are there loan options available to buy a second home and renovate on the premise of youíre other home being sold once the new home is ready to move into?
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Old 05-02-2018, 11:41 AM
 
Location: Rochester, WA
3,827 posts, read 2,047,976 times
Reputation: 10552
If your credit and income allows it, there are loans available.... even rehab loans for a fixer. Rehab loans don't generally allow you do do the work on them yourself, you have to contract it out on approved contracts and schedules. And they're a little complicated, but doable.

Maybe talk to a good local mortgage broker. Someone who can shop around and offer a wide variety of types of loans, not a bank.

So... let me go back to your OP and confirm.... you were under contract on a new place, contingent on the sale of your house... but they bumped you. You are now under contract and a tight schedule to sell your place, and scrambling to find a new home to go to? Am I understanding the situation? Can you not find another home ready to go in a quick sale that you like? One that will be ready on the timeline of your current home sale?
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Old 05-02-2018, 12:30 PM
 
Location: The Triad (NC)
26,833 posts, read 57,830,396 times
Reputation: 29215
Quote:
Originally Posted by Batt1eRatt1e View Post
Sell, buy, and remodel
First sell.
Then when you know what the actual net proceeds are... buy something else (or not).
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Old 05-02-2018, 08:08 PM
 
55 posts, read 34,175 times
Reputation: 16
Quote:
Originally Posted by Diana Holbrook View Post
If your credit and income allows it, there are loans available.... even rehab loans for a fixer. Rehab loans don't generally allow you do do the work on them yourself, you have to contract it out on approved contracts and schedules. And they're a little complicated, but doable.

Maybe talk to a good local mortgage broker. Someone who can shop around and offer a wide variety of types of loans, not a bank.

So... let me go back to your OP and confirm.... you were under contract on a new place, contingent on the sale of your house... but they bumped you. You are now under contract and a tight schedule to sell your place, and scrambling to find a new home to go to? Am I understanding the situation? Can you not find another home ready to go in a quick sale that you like? One that will be ready on the timeline of your current home sale?
No, we rejected a buyer we had because we got rejected. Our home is still on the market though. There is a house that we like but it needs rehabbed. We have all the time in the world, not on any contract.
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Old 05-02-2018, 08:09 PM
 
55 posts, read 34,175 times
Reputation: 16
Quote:
Originally Posted by MrRational View Post
First sell.
Then when you know what the actual net proceeds are... buy something else (or not).
Not interested in selling my house with nowhere to move with a family of 5. Not interested in moving into a house that needs rehabbed. I could tough it but my wife wonít.
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Old 05-02-2018, 08:27 PM
 
Location: Rochester, WA
3,827 posts, read 2,047,976 times
Reputation: 10552
Quote:
Originally Posted by Batt1eRatt1e View Post
Not interested in selling my house with nowhere to move with a family of 5...
Quote:
No, we rejected a buyer we had because we got rejected. Our home is still on the market though. There is a house that we like but it needs rehabbed. We have all the time in the world, not on any contract.
If you really aren't willing to accept an offer until you find a place you might want to take your place off the market until then. If an agent brings you a ready willing and able buyer at your terms, you could end up owing commission even if you don't accept.

If the place is listed, you have to be willing to sell it...
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Old 05-02-2018, 09:47 PM
 
16,476 posts, read 17,501,756 times
Reputation: 23521
Quote:
Originally Posted by Batt1eRatt1e View Post
Not interested in selling my house with nowhere to move with a family of 5. Not interested in moving into a house that needs rehabbed. I could tough it but my wife wonít.
Then remove your listing. You could be liable like Diana stated.

Why donít you sell, go put most of your stuff in storage and then rent month to month and pound the listings? Youíre trying to buy with the contingent of your house selling. Which as you saw can easily backfire. Not only did you lose the buy you lost a sale too.
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