please help!!! I think I going to lose my minD

I think me and my dh are literally going to have a nervous breakdown. we foolishly fell in love with a house before putting our co op on the market. The sellers gave us a pretty nice deal price wise but they are not willing to wait for us to sell. We signed the contracts anyway and asked for a few more months than normal- well in those few months we have had 12 people looking at our place and no bites what so ever no interest at ALL. No even call backs or slight interest We put 5k down on contract and we are supposed to have a mortgage commitment to them by oct 27. Well I talked to my mortgage guy and he ran the numbers and there is no way that we can afford to own 2 places even if we take out a cushion for a few months its still going to be tight and then what happens if we havent sold after those "cushion" runs out???? Im not presently working although Im looking for something part time or even full time but then I would have to put my son in DAycare and finacially it might be the same as working part time. Im so at a loss of what to do. Should we back out? Our mortage broker said that he would be willing to write up a denial letter... Basically we are barely making ends meet right now how on earth are we goingto afford owning 2 places? If we did sell our co op the house would actually cost less if you factor in common charges but since we havent sold yet there is no guarantee when and if we are going to sell we cant lower the co op price anymore because we are losing equity...

Message edited 10/16/2006 12:42:49 PM.

Re: please help!!! I think I going to lose my minD

it sounds like to me that you will have to lose the $5k deposit. eta: unless your declination letter would suffice and you can get your deposit back. I would forget this house, sell your co-op first, then find another house

how long has your co-op been on the market? if its not selling, its not priced right - so if you cant lower it then you cant afford the new house.

good luck.

Message edited 10/16/2006 12:48:35 PM.

Re: please help!!! I think I going to lose my minD

I'm so sorry you are going through this. Is your co-op listed on mls? I think that helps, but co-op's are tough sells. I'm sure eventually it will sell. Can you take out another loan on your co-op until it sells to cover the house? Could you rent out the house or co-op until it sells?

Re: please help!!! I think I going to lose my minD

Re: please help!!! I think I going to lose my minD

I think you may have to loose the house and deposit then. Its tough. I'm sorry