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What's the best way to lock in a desired house?

I'm looking to buy a house but that wont happen for at least 6 months (more like 8-10) due to pending sales of other assets. If I find a good buy right now what's the best way (if any) to lock it in and hold until my sales go through?
Tue Jun 10 2008, 05:23 - Madison - Home Buying - 6 answers
 
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Peter Zelt...
Home Buyer
in Madison
Peter Zelt..., Home Buyer in Madison in Madison
Answers (6)
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Jim Johnson was FIRST TO ANSWER
Peter: In some cases, delayed closings work for sellers, as they may not be relocating. Move ups, or perhaps the property is an excess home (estate, rental, investment) - these may allow the sellers to wait if your offer is exceptionally good. In our recreational market, we see these extended closings all the time.
Depending on your situation, you may be able to rent back to the sellers after a closing that occurs sooner, and use the rental funds to pay the mortgage until other assets are liquidated. Good luck!

Tue Jun 10 2008, 09:55
 
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It is possible that a seller might consider holding the financing .It could be a good situation for a buyer and could give a seller a return that would be higher than bank interest being paid at this time.

Tue Jun 10 2008, 08:26
 
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All good and valid options....is there one that you have in mind right now? Is this why you ask?

Tue Jun 10 2008, 08:22
Web Reference: http://MyMadison.info
 
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You could also consider a rent with option.

Tue Jun 10 2008, 06:11
 
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Another possibility is a straight option. You'd pay $x,xxx in order to have the right to purchase the house at $xxx,xxx within a defined period of time, such as a year.

Tue Jun 10 2008, 06:00
 
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FIRST ANSWER
If the seller agrees, a contingency contract will hold the property for you. You will have little in the way of bargaining power, and may find it necessary to offer compensation to the seller to get the contingency however.

Tue Jun 10 2008, 05:28
 
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