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Old 12-14-2008, 08:27 AM
 
34 posts, read 116,102 times
Reputation: 30

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I neeed some good real estate advice about buying a home.
We found a home we really want to buy but currently have our home for sale as well. We do not have an income enough to make payments on the house we found but...could pay cash for it once our home sells. How can we tie up the other property until ours is sold? The sellers won't do a contingency. Is there anything else we can do? Please give me some ideas. rogter2@mycomspan.com

Thanks!
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Old 12-14-2008, 09:05 AM
 
9,803 posts, read 16,196,736 times
Reputation: 8266
sell your home first.

I have a farm for sale that was scheduled to close Sept 1 2007.

I agreed to a "contingency clause" and that is why I am still here waiting (and probably will be til summer of 09)

My sale was to a family member, so I will wait til summer of 09, but then I can't wait no longer.

I , as the seller, would never accept a contingency clause unless it was to a family member or a short duration.

My son found out , despite being assured by his realtor there was a "creative way " to buy my farm before his house sold, that there was none.
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Old 12-14-2008, 11:49 AM
 
Location: Bella Vista, Ark
77,771 posts, read 104,772,037 times
Reputation: 49248
Sorry, I think you are out of luck, especially in today's market. No one is going to do the contingentcy thing for good reasons and I don't know of any hidden way to swing this. With property not selling right now, why not lower the price on your home, make it very marketable and hopefully the home you want will still be there when yours sells.

Nita
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Old 12-15-2008, 09:48 PM
 
Location: Little Rock, Arkansas
45 posts, read 155,072 times
Reputation: 24
There are several options. It all depends on your current home for sale. Are you located in Little Rock? Northwest Arkansas? As long as your home is priced accordingly and is in a good location, it should not have any trouble selling. The Little Rock market has remained stable. While it's still a buyer's market, and there are many homes to choose from, houses are still selling. Northwest Arkansas is a different story. I would advise you to sell your home first in Northwest Arkansas...especially if it's new construction. In Little Rock, depending on price and location, you could speak with a lender about a bridge loan. It's very detailed and it's common for people in your situation. It's a way for you to go ahead and purchase the house that you want as long as your other house is on the market. So, that's definately an option! Hope that helps!
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Old 12-15-2008, 11:44 PM
 
288 posts, read 1,080,396 times
Reputation: 227
Quote:
Originally Posted by Rogter View Post
Is there anything else we can do? Please give me some ideas
(1) Lease-purchase agreement on the new house
(2) Purchase option on the new house (lock it up)
(3) Lease existing house
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