Question Details

Sharyn Willa…, Real Estate Pro in Blanchard, OK

Ideas for special financing

Asked by Sharyn Willard, SRES, ABR, Blanchard, OK Mon Jul 11, 2011

I am working with an elderly couple that found a condo they love. they want to make an offer contingent on private financing for 30 days til their house sells. They have an cd for about 90% of the money and would need financing for the other til their house sells. the home is in a great school district a few blocks from school and won't be an issue selling. They wanna sell it on their own. They don't want to do a bridge loan or a reverse mortgage. any suggestions? They really don't want to wipe out all of their money from their cd when it comes due in a few weeks.

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With the scenario you describe and most especially since the couple you describe are elderly - - my advice to them would be to sell their home first. If the condo "they love" is not available for them then so be it. At least you've done the responsible thing in looking out for their best interests.
0 votes Thank Flag Link Tue Jul 12, 2011
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