Home Buying in 04043>Question Details

Llp1584, Home Buyer in Aneth, UT

We currently own a home, and have an opportunity to buy an new house that is unfinished. How do you suppose we go about that without having to rent?

Asked by Llp1584, Aneth, UT Tue Feb 21, 2012

We want to sell our house, and not rent it out. Would we have to juggle two mortgages until our house sells?

Help the community by answering this question:


In these challenging times, you should sell first before buying, unless you want to take a chance carrying two mortgages while your present home sells.
Web Reference: http://www.golftobeach.com
1 vote Thank Flag Link Tue Feb 21, 2012
Most people do not qualify for a bridge loan, in the past 20+ years I have only approved 2 of them and only one of those actually closed. If the builder is going to finish the home that makes it a little easier, as a consumer most lenders will not lend you money to finish the home. Good luck,
0 votes Thank Flag Link Wed Feb 22, 2012
If the new house is unfinished, we can probably assume the owner ran out of money, which puts him/her in a weakened position. So, you could probably purchase it, contingent on the sale of your home, but you still have the problem of where to live while the house is being finished. Selling your home with a lease-back for 90 days or so, is one way to do it. Call me if you'd like to discuss it further: 207 232-0196.
0 votes Thank Flag Link Wed Feb 22, 2012
I'm not sure what you are asking. Please give me a call and I will be happy to talk to you about your situation.
Gloria Hewey 207-399-8553
0 votes Thank Flag Link Tue Feb 21, 2012
I would be delighted to refer you to a top notch Realtor in your area. One option would be to make the offer on the home subject to selling your home. That could be one of the contingencies so that you are not locked into two mortgages at the same time.

Feel free to contact me for more information: CJ Dubois-Cote, Prudential Prime Properties, 207-615-1663 or cindy@prubay.com
0 votes Thank Flag Link Tue Feb 21, 2012
Give me a call 207-2109753 or shoot me an e-mail ryanrich@masiello.com I would be happy to help you with your current situation...There is a few different ways we can approach this.

Thanks :)
0 votes Thank Flag Link Tue Feb 21, 2012
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