bad idea??

I am feeling a bit unsure and nervous about the house we are bidding on.

We got approved for a mortgage without a hubbard clause. That means that buying their house is NOT contingent on selling ours. It makes us more attractive buyers of course...

HOWEVER, we obviously cannot afford two mortgages. Plus we need to sell this house to get the down payment for the new house. DH borrowed (gasp) $75,000 from his parents this week in case we need to use it for the down payment, and we will cut them a check as soon as we sell our house. BUT WHAT IF?!?!? What if it takes a long time to sell this house?? Then we will be screwed.

If we ask the sellers to sell to us WITH the clause, we will lose the deal.

UGH I am making myself sick.
Opinions??

Re: bad idea??

how much can you lower your price on your house that you are currently selling?

if you house has been on the market for a while with little interest - i wouldnt continue with the new house - if you cant afford two mortgages, i would find a house that is contingent on you selling yours.

Re: bad idea??

We are going to try to sell FSBO. We just put the sign out there this weekend and have two families interested already.

Re: bad idea??

did you list it on here? there are pleanty of us home shopping! good luck selling!

Re: bad idea??

I wouldn't lower your house more than your total mortgage payments (on your current house) for a year.


Have you thought about renting out your current house? What is a reasonable rent? Would that cover your mortgage payments?


ets: if you can't swing the two payments, you may want to let the house go. We were faced with two payments and were scared, but knew we could pay both if we had to. As it turns out, we didn't have to. You could also try stalling closing, but again - very risky if you can't swing both payments

Message edited 10/10/2006 8:44:59 AM.

Re: bad idea??

If you can't afford both houses at once, and time is of the essence, I would not sell FSBO. Since you already have two families interested that is a good sign, but I would contact a realtor ASAP and enlist their help.

Re: bad idea??

Re: bad idea??

We're waiting until we are in contract with our co-op before putting a bid down on a house. We have been looking at homes, so if we get an offer, we are ready to move on this. A year ago, I may have gambled and bought without an offer on our co-op since everything was selling so quickly. Now, things are hanging around on the market longer, so we are waiting. Our mortgage is paid off actually, but we would either need to take out a larger mortgage or get a home equity loan until we sell the co-op, plus pay our maintenance and making those payments did not sound attractive at all.

Ultimately, this is your decision and you need to decide how much of a risk you are willing to take. If you feel the house is a once-in-a- lifetime opportunity, offers a great location and a great price, it may be worthwhile. If it's not quite what you want though, personally I would wait. And yes, you may want to lower your asking price, just to get ride of your current place faster. Good luck! If you decide to go forth, I hope you sell quickly!