Drywall contingency..what are my choices now? (to rent, refinance)

[autimom4ever]

Ok...I have dropped the price of my home 20K and it still isn't selling.
It's priced at around the same as a lot of townhomes here (MD) and its really updated.

My home in SC is almost at drywall which is where the contingency lays.

Once we do the walk through (which is within a week), I was informed we have 2 weeks and then the house goes on the market.

If some wants to buy it we have 48 hours to drop the contingency..

If I don't sell, what are my options?

I think I'm gonna cry (or get an ulcer)

[johnrex62]

Originally Posted by autimom4ever

Ok...I have dropped the price of my home 20K and it still isn't selling.
It's priced at around the same as a lot of townhomes here (MD) and its really updated.

My home in SC is almost at drywall which is where the contingency lays.

Once we do the walk through (which is within a week), I was informed we have 2 weeks and then the house goes on the market.

If some wants to buy it we have 48 hours to drop the contingency..

If I don't sell, what are my options?

I think I'm gonna cry (or get an ulcer)

Well, if you don't sell and cannot afford to own two homes, you will have to sit tight and wait. That is the answer to the question you asked.

What you should have asked is "What can I do to ensure my house sells in time for me to close on my new house?". I can understand why you did not ask that question, as the answer is not a pretty one. Given your statements regarding your pricing and the competition, I would speculate that the upgrades in your home are not being valued by the potential buyers at anywhere near the value you have assigned them. Sometimes a 10k kitchen remodel is not worth the cost to install. Since you say the house is priced "near" the others in the market, I am going to assume you mean "not too much higher than" the competition.

Sadly, the only answer is that painful 'Lower your price' response you were dreading to hear.

[Racelady88]

Originally Posted by johnrex62

Sadly, the only answer is that painful 'Lower your price' response you were dreading to hear.

I was thinking the same thing.

[cutejanelle1]

Hey, I have a plan for you.

refinance your townhome and do an interest only payment. Pull out equity and pay downpayment/closing cost on new home. Interest only payment will help you be able to pay for townhome while paying for new place. Maybe an 80/20 to avoid pmi on new place.

Once you sell your townhome you can always redo your loan if rates were not great for new place.

I did this for a while. I'm a teacher, definitely couldnt afford 2 house payments... interest only helped out big time.

Just a thought... I think I have all the verbage right... if anyone is in the business... does this sound good?

[mpaquette]

Autimom4ever, I think I've posted in your threads before because I'm in almost the same boat. The only difference is that we are paying for 2 houses. We keep lowering the price on the place in Michigan and still nothing. I've already accepted the fact that I won't be able to sell that place for what I owe on it, basically the prices have fallen so much that we are upside down on a house. I'm considering throwing in the towel and trying to rent it. Don't really have any advice for you, just want to say again that I feel your pain. And I think I've made the "I'm gonna cry or get an ulcer" statement almost weekly for the past few months.