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Home Buying in New Lenox : Real Estate Advice

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Activity 3
Mon Apr 11, 2011
Dan Tabit answered:
I'm not an attorney, but I don't see any legal issues as long as all parties are in agreement to the arrangement. If it's a short sale, then the lender may not participate, but if the home is free & clear or has a balance which can be paid off with the proceeds I can't imagine why it would be a legal matter.
Now there are going to be tax issues with a large gift, early access of retirement funds and possible transfer taxes etc, so you'll need both legal and tax advice for the best way to do this.
Whether this is a wise thing to do is another question. Buying a home with substantial known issues, let alone the ones unknown may be another issue. Draining your retirement account and all that that entails is another question which needs to be seriously considered.
Ask yourself if spending the $100,000 on this house, to stay in an area where you anticipate unemployment is the best use of the money? What if you decided to relocate to another area where you could obtain a new, better job for example? Consider all your alternatives before you get committed to this option.
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Mon Apr 11, 2011
Allen Walsh answered:
I have had an opportunity to help a few clients with auction purchases-please let me know if I can help with this type of purchase.

Sincerely, Al Walsh 708-710-4275
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Mon Apr 11, 2011
J R answered:
You're saying you signed the contract but the seller didn't? IMO this is something that should have been negotiated before you spent the money on an inspection. You have 2 choices: 1. tell them you insist on the clause and risk losing the house 2. agree to sign without the clause. Do you think it won't appraise? Are you taking out a mortgage and is there a mortgage contingency? If it doesn't appraise the bank may not loan you the money so you would have your "out" anyway, but you can't count on that. ... more
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