We are currently a home in polo fields of Louisville ky. In feb of 2013 my husband will be able to take some or all of his pension in a lump sum. Thi

Asked by Margo Parker, 40245 Sun Jun 24, 2012

This would allow us to pay up to about250,000 in cash for a house. Our current lease is up and we would like to find a home before feb. at that time we will also be paying off a bankruptcy in full. Would like to lease home until then and pay cash for the house after feb

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Sherry Edwar…, Agent, Louisville, KY
Mon Jun 25, 2012
Good morning, Mrs. Parker, after reading some of the responses here, I tend to agree with the agent from Livingston NJ. Rent now and start looking for the right home for you and your family when you are closer to that perfect timing situation. The market is in a correction period at this time and you might want to see how things look after the new year. As all the rest, I would love to be of service.

Sincere Regards,
Sherry Edwards
Kentucky Select Properties
1 vote
You just got a "vote" (thumbs up) from me - not just because you agreed with me, but because you gave solid advice, rather than just looking to get quick business! Bravo!
Flag Mon Jun 25, 2012
Debra (Debbi…, Agent, Livingston, NJ
Sun Jun 24, 2012
If you're going to be in a position to pay all cash for a home in 2013.......why not just find a rental for now, and then see what is out there when the time comes?

You will be a AAA buyer with all cash.....why lock into a home now (including the price) when you will have multiple options then?

The economy (worldwide) is fragile........an election is coming up..........no one can say for sure where the market will be a year from now..........we may be seeing some spurts of activity and some growth in various areas, but...........I wouldn't want to lock in a price now for the future.
You will also be limiting your options now, as many sellers want, or need, to sell now.... and won't agree to wait a year.

Just my opinion............
1 vote
Debbie, didn't mean to steal you advice...but I agreed and (you're right) it seems to be all about the business ;o)
Flag Tue Jun 26, 2012
Neil Blumberg, Agent, Louisville, KY
Mon Jun 25, 2012
I agree with David Pauley. A team approach is warranted. One of my team is an attorney specializing in both real estate and certain bankruptcies; another member is a 2nd attorney for other bankruptcies, depending on complexity. I have a client who 3 weeks ago was able to obtain a $250,000 loan within 2 years of suffering a Ch 11 converted to Ch 7, $6,000,000 bankruptcy. This requires a specialised lender (NOT a hard money lender!). Depending on your situation, I also have an investor who may be prepared to buy a house for you to sell back to you, though there are certain distinct disadvantages to this arrangement. Each situation is unique, and it will all turn on the details. Fortunately it appears that you have many possible paths.

Good luck and best wishes
Web Reference:  http://metro1blog.com/
0 votes
David Pauley, , Louisville, KY
Mon Jun 25, 2012
Since you have time at this point to plan this out, it might be worth discussing options with a financial adviser. I apologize if you have already taken this step. If the remaining pension/401-k available to you after the withdrawal will be sufficient for the future, it could be a good option. There could also be tax consequences to consider. My main reason for pointing this out, is that with your plan of paying off other items, you could be eligible for FHA financing without later involving the courts. I would also recommend having your attorney contact the courts early, if you haven't already to complete the payoff as you are planning. They need to approve that.

Good luck.
0 votes
Becky Lusch, Agent, Louisville, KY
Sun Jun 24, 2012
Having helped hundreds of families rent and buy homes we can help you too. Every listing on our MLS is available to view for free on my website: http://www.HomeFindersLouisvilleKY.com Please feel free to look around. Our office takes a consultation role and we would love to discuss your needs. My direct cell number: 502-639-9617
Thanks for asking the question!
0 votes
Neil Blumberg, Agent, Louisville, KY
Sun Jun 24, 2012
There are several options which present themselves, each with distinct advantages and disadvantages. I would welcome the opportunity of presenting these scenarios to you. You may read a little about me at http://www.linkedin.com/in/commercialrealrealestateinky , see some of my internet profile at http://www.kimtag.com/metro1, and the National Association Of Realtors interview with me http://www.scribd.com/doc/21985570/Short-Sales-Apartments-Na…

If you feel comfortable talking to me after that, please call me at 502-254-9600.

Best regards

Neil Blumberg
Principal Broker, Kentucky and Indiana
Metro1 Realty
Web Reference:  http://metro1blog.com/
0 votes
, ,
Sun Jun 24, 2012
If you have questions about financing after a bankruptcy, you can read more below about FHA financing after bk.


Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

0 votes
Karen Story, Agent, Louisville, KY
Sun Jun 24, 2012
Hi Margo,
I have helped many clients find short or long term leases prior to purchasing. Each Real Estate transaction is unique and I would be happy to meet with you to discuss your specific needs. I can be reached at 502-329-5239.

Thanks & I hope to hear from you soon!

0 votes
Cindy Flynn-…, Agent, Louisville, KY
Sun Jun 24, 2012
I can help you with a lease purchase option as well as answer any other questions or concerns you may have. Please feel free to contact me directly at 502-500-7003 or you can email me at cindyflynnpiela@gmail.com.
I look forward to hearing from you soon!
0 votes
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