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me and my fiance are currently selling both our houses and buying a new one. and we found the house of our dreams, it has every feature we dreamt of. it is literally perfect. however we have to sell at least one of our houses before we are able to make an offer, and we don’t know how long that could be. is there anything we can do to keep this house from slipping away. anything we can do to not have it sell before we can buy it? thanks

4 Thoughts on How can I get this house please help?
  1. Reply
    Mike
    February 28, 2014 at 7:32 am

    Generally that is done with what is called a bridge loan.

    A bridge loan in residential real estate is generally a loan for the period of one year.

    The loan accrues interest but you do not have to make monthly payments on it.

    At the endo of one year you have to pay the laon off with interest.

    Bridge loans are generally available from private investors, not banks.

    Bridge loans do carry higher interest rates.

    For example, even though home mortgages are approximately 4.75% to 5% for a 30 year fixed rate loan, a bridge loan will carry an interest rate in the neighborhood of 12%.

    It will cost you a little more money but that is one way to accomplish the result that you want.

  2. Reply
    ♥♥The Queen Has Spoken♥♥
    February 28, 2014 at 7:39 am

    You can also offer a purchase contract with the stipulation that your house must sell with in a certain period of time before closing on the house you want to purchase.

  3. Reply
    Othniel
    February 28, 2014 at 8:16 am

    Do not buy it until one or both of you have sold your homes. You could put an offer on it contingent on the sale of one or both of your homes. Often sellers will not accept that contingency but you can try.

    The other piece of advice is do not buy real estate together unless you are married or you hold title to the property in such a way as to clearly represent your investment percentage and if only one of you can get the mortgage then the property should go in that persons name alone!

    This is a business choice and has nothing to do with trust and love. I can’t stress this enough having seen situations time and again that could not be fixed because of poor choices made when property was purchased.

  4. Reply
    Ask Me Anything
    February 28, 2014 at 9:10 am

    Most likely not. You could always put in an offer that is contingent on one of your houses selling. Most sellers are not going to want to take their property off the market though to wait for yours to sell. You could try as the other guy mentioned, a bridge loan. Make sure both your homes are aggressively priced, and in sellable condition. Meaning, no clutter, depersonalized, repainted neutral colors, and have great curb appeal..esp now that it is spring, plant some flowers!

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