Home Buying in 32168>Question Details

Lynn, Home Buyer in 32168

What are my options if I found my dream house but mine hasn't sold yet?

Asked by Lynn, 32168 Fri Sep 25, 2009

The house of my dreams is for sale after being foreclosed on. I put my house on the market recently so we could try to get our dream house. In this market, not sure how long that will take. The dream house has been neglected and some damage from previous owners and is priced pretty low. I don't want to lose out on it, but I have no idea how quickly mine will sell. What are my options?

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It depends on the owner of the home you want to buy. It is possible to place a contract contingent on the sale of your home. Is the home owned by the bank ? I think it may be possible under certain circumstances but I would need to know more. There might be other options as well. Good Luck!
0 votes Thank Flag Link Mon Mar 25, 2013
unless you have a rich uncle, don't do it. there are alot more dream houses out there for you. you need to think smart. get your bird in the hand (sell your house first), because two in bush might be finacial ruin. with the economy the way it is you need to focus on just selling your house . drop it as low as your can, keep show ready , get you a statue of st. Joesph, bury it toward where you want to move. and pray alot. remember everything is going to work out like it should. so don't worry, this year 2010 will have twice the number of foreclosures. p.s unless you just have to. DON'T RENT your house sell it . it you can
0 votes Thank Flag Link Mon Jan 25, 2010
Robert is correct in advising that you make an offer contingent on the sale of your home. However, most REO banks will not accept an offer with a sale contingency. Your other option is to get a bridge loan and remove the contingency. Speak to a mortgage professional about the feasibility of a bridge loan.
0 votes Thank Flag Link Fri Sep 25, 2009
You can place an offer contingent on the sale of your home. If your home is priced appropriately the seller may accept this contingency. It is also possible they will accept and give you "right of first refusal".
Start the conversation....you may end up with your dream home!

Robert Greenblatt
Keller Williams
856-685-1660
0 votes Thank Flag Link Fri Sep 25, 2009
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