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Wants to Buy |
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There is a house that I want to put an offer on. I have enough for the down payment. The problem the house I live in now has not sold yet, and I don't want to be stuck with 2 mortgages. I thought about renting it, I'd still be stuck wth the payments on it unitl it sells. I bought the house from my uncle, but the mortgage is stil in his name. I don't want sit around and wait to see if my house sells, for fear of losing the other house that I want. What shoudl I do? |
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It is possible to put in an offer that is "contingent upon" or "subject to" selling your own house. If you didnt sell it, you wouldn't have to go through with the purchase of the other one. Sometimes sellers are reluctant to accept such an offer, because it means instead of worrying about selling their homes they have to start worrying about whether yours will sell. But these days, they may be glad to accept any offer at all, even a contingent one.
Meanwhile, the way to get your house sold is to keep reducing the price till you find a level that attracts buyers. |
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Edith
Originally published on March 25, 2008 |
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