Tb, Home Buyer in New York, NY

Mortgage dilemma buying before selling can't get mortgage -- HELP needed deadline approaching!

Asked by Tb, New York, NY Thu Feb 5, 2009

In contract to buy home in Vegas and sell a home back east...problem is scheduled to close purchase of new home before closing my sale by 21 days (both deals are solid and investment company selling Vegas home won't budge on closing date)...in the new world of banking where tax dollar bailouts are the norm, banks have tightened the purse strings and won't lend to me without first selling my home...any ideas? Few years back, lenders tell me this type of deal was no problem, now apparently bridge loans no longer exist to cover this type of situation.

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Dallas Texas, Agent, Dallas, TN
Fri Feb 6, 2009
CORRECT odds to close on new home is slim lenders. Why not extend date escapes me unless property is hot, seller should hold for those extra days. Have you sent an amendment extend your deadline. Agents would like see you close on home than new buyers, contracts and etc.
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Damon Bottic…, Agent, Las Vegas, NV
Fri Feb 6, 2009
If it's only 3 weeks, you may be able to get the extension if you're willing to pay a per diem to the seller. But be careful! I know how those closing dates can be in NY..."on or about" could drag on for a while over there.

If the Las Vegas seller isn't willing to wait or accept a per diem, there are lot's of other homes on the market in Las Vegas, and Len is right...you may luck out and get it after you've sold your home in NY. Maybe even for less since average price in Las Vegas fell over 7% in January.

Hopefully you've got a financing contingency in your contract. Even so, be prepared to fight to get your earnest money back. That's been an issue lately with the REOs refusing to release the EMD, even when the contract clearly allows for it.

Please come back and let us know how this works out for you.

Damon Botticelli
Realty One Group
(702) 523-7713
0 votes
Len McGuirk, , Las Vegas, NV
Fri Feb 6, 2009
Hi Tb,

It really surprises me that the seller (investment group) even considered accepting your purchase offer on a contingency of your home selling in New York. This is not typical, especially in this market. Most seller situations do not allow such a timeframe or risk for this to take place. I honestly think you are lucky to be in this type of contract to begin with. My best suggestion would be to keep trying to get the close of escrow date extended as you get closer. If the seller chooses not to extend it, then that is their choice. If the seller does choose to cancel the contract at the expected close of escrow date, then If the property is not a popular property and was not obtaining lots of buyer activity, then it may stil be available when your home in NY finally does sell. You may luck out. If not, then you will need to move on and find another home.

I would be happy to help you, but it sounds like you are working with another agent already. They should be the one to offer you sound advice. Good luck with your situation.

Len McGuirk
Prudential Americana Group
Direct: (702) 203-6688
0 votes
Dp2, , Virginia
Fri Feb 6, 2009
Perhaps, you could purchase the property in LV using seller financing temporarily, and refinance later (after at least 6 months).
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