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Posted by Mark Bole on May 29, 2008, 1:40 pm
dumbstruck wrote:
> 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?
I don't see where your question has anything directly to do with "the
housing crises". At *any* time that you are trying to both sell and
buy, you are probably going to be in the driver's seat on one side of
the transaction and hoping against hope on the other.
Search the archives of this group for the usual ideas -- bridge loans,
lease-option, and so on. Just as the home you might buy has come down
in price out of "desperation", so you too will be able to sell your home
in short order if you price it appropriately.
Do it if it makes sense. The only people guaranteed to make money on
the deal are the realty agents and mortgage brokers. Contrary to John's
post, why not make an offer contingent on sale of your home? The real
estate agent has a fiduciary duty to present the offer, what does it
cost you?
-Mark Bole
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