Asked by Kelly, Outside U.S. • Thu Aug 30, 2012
My husband and I own a home but are in the process of putting it on the market. We found our dream home but it's in foreclosure and has foundation issues. From what I've read, if we purchased the home the repairs need to be fixed before actual purchase. The cost of repairs could reach as much as $50,000 and that's not money we have in our pocket. We will equity in our home now but won't get that until we sell it. What is our best option for a loan to purchase our dream home and fix the repairs while we are trying to sell our first house?
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