catch22 for housing tradeup?

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date catch22 for housing tradeup? dumbstruck 05-28-2008  Re: catch22 for housing tradeup? Ron Peterson 05-29-2008  Re: catch22 for housing tradeup? John A. Weeks I... 05-29-2008  Re: catch22 for housing tradeup? PeterL 05-29-2008  Re: catch22 for housing tradeup? FranksPlace2 05-29-2008  Re: catch22 for housing tradeup? jIM 05-29-2008  Re: catch22 for housing tradeup? Mark Bole 05-29-2008  Re: catch22 for housing tradeup? Don 05-29-2008
Posted by dumbstruck on May 28, 2008, 7:30 pm What if the housing crises gives you a tempting opportunity? A dream home becomes available, and in desperation the price even drops to affordable levels. But it is very uncertain that you can sell your home in timely fashion in order to get it. What is the financially prudent approach... just ignore the opportunity because the crises is a two edged sword? A problem is that all motivation to move vanishes if that one target house is snapped up. So it's hard to justify a lot of typical slow processes - decisiveness seems the thing! It's not absolutely needed to get money out of the old house right away although it would be extremely preferable. Assume no loan problems, but just wanting to be financially responsible, avoiding pitfalls like falling out of the cap gain timeframes, but taking advantage of any unconventional methods suitable for unusual times... tks -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Ron Peterson on May 29, 2008, 12:25 am > What if the housing crises gives you a tempting opportunity? A dream > home becomes available, and in desperation the price even drops to > affordable levels. But it is very uncertain that you can sell your > home in timely fashion in order to get it. What is the financially > prudent approach... just ignore the opportunity because the crises is > a two edged sword? You can make an offer contingent on the sale of your house. -- Ron -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by John A. Weeks III on May 29, 2008, 2:03 am In article > > What if the housing crises gives you a tempting opportunity? A dream > > home becomes available, and in desperation the price even drops to > > affordable levels. But it is very uncertain that you can sell your > > home in timely fashion in order to get it. What is the financially > > prudent approach... just ignore the opportunity because the crises is > > a two edged sword? > > You can make an offer contingent on the sale of your house. You can also make the offer contingent on winning the lottery. In this market, making a sale contingent on selling a house is pretty much the same as saying that you are not serious about the purchase, and that you might come back with the money a year later. No seller that has any choice is going to stand for that. -john- -- ====================================================================== John A. Weeks III           612-720-2854            john@johnweeks.com Newave Communications                         http://www.johnweeks.com ====================================================================== -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by PeterL on May 29, 2008, 1:20 pm > In article > > > > What if the housing crises gives you a tempting opportunity? A dream > > > home becomes available, and in desperation the price even drops to > > > affordable levels. But it is very uncertain that you can sell your > > > home in timely fashion in order to get it. What is the financially > > > prudent approach... just ignore the opportunity because the crises is > > > a two edged sword? > > > You can make an offer contingent on the sale of your house. > > You can also make the offer contingent on winning the lottery. > In this market, making a sale contingent on selling a house is > pretty much the same as saying that you are not serious about > the purchase, and that you might come back with the money a > year later.  No seller that has any choice is going to stand > for that. > > -john- > > -- > ====================================================================== > John A. Weeks III           612-720-2854            j...@johnweeks.com > Newave Communications                        http://www.johnweeks.com > ====================================================================== "This market" is a buyers' market. -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by FranksPlace2 on May 29, 2008, 9:45 am > What if the housing crises gives you a tempting opportunity? A dream > home becomes available, and in desperation the price even drops to > affordable levels. But it is very uncertain that you can sell your > home in timely fashion in order to get it. What is the financially > prudent approach... just ignore the opportunity because the crises is > a two edged sword? > The main risk is you will own two houses for some unknown time. If that is frightening, then stay away. It it is tolerable then talk to a realtor to better understand the risk. You current house may be saleable in a reasonable time. Frank -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Similar Threads Posted housing futures December 10, 2007, 3:25 pm The Housing Issue September 13, 2008, 1:03 pm Housing Market; Buy v. Rent Today December 29, 2006, 10:10 am