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How Can We Do It? (Help Question)

 
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stroh
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How Can We Do It? (Help Question)
« on: January 12, 2008, 05:19:12 PM »

We found a house we really, really want to buy.  The house is 40k less than than the one we're in now, so qualifying/affording is not an issue.

At issue:  We would need to sell ours.  (Or something creative, that's why I'm asking for help.)

The housing market here less than sucks.  Houses similar to ours have been on the market at tens of thousands less than reasonable value for at least 24 months.  Long, and short:  You can't give a house away here.

On the one we want, (it's bank owned) the bank is not accepting contingent offers.  Maybe not needless to say, but we cannot carry two mortgages for any length of time.

Any ideas?

TIA

strohby.
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Uisce Beatha
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Re: How Can We Do It? (Help Question)
« Reply #1 on: January 12, 2008, 05:31:49 PM »

This just popped into my head.  Not sure if it's possible.  Knowing banks and  Air quotes rules Air quotes and *feces* probably not.

Ask 'em if they wanna trade.
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hobbit
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Re: How Can We Do It? (Help Question)
« Reply #2 on: January 12, 2008, 05:41:05 PM »

Selling your house at less than you think its worth (in order to move it faster) may be the only option.

This one is kinda creepy IMO, but a friend started his business this way...  had his mother buy the old house for him, then paid her back when he sold it and re-couped the value.

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spacey
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Re: How Can We Do It? (Help Question)
« Reply #3 on: January 12, 2008, 05:55:52 PM »

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stroh
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Re: How Can We Do It? (Help Question)
« Reply #4 on: January 12, 2008, 05:58:11 PM »

This just popped into my head.  Not sure if it's possible.  Knowing banks and  Air quotes rules Air quotes and *feces* probably not.

Ask 'em if they wanna trade.

Appreciate the idea.  Something we've thought of in some other scenarios (not this particular house).  Me with a builder, and would take our house "in trade".  Never heard back from them.  Sad

Not sure it would work here.  I can ask.
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stroh
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Re: How Can We Do It? (Help Question)
« Reply #5 on: January 12, 2008, 05:59:33 PM »

Selling your house at less than you think its worth (in order to move it faster) may be the only option.

This one is kinda creepy IMO, but a friend started his business this way...  had his mother buy the old house for him, then paid her back when he sold it and re-couped the value.



This would be a decent option.  a "Win win" for all, if we had someone like that.  I have no family, and no one in Karen's family is that solvent.  Embarrassed
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Blader
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Re: How Can We Do It? (Help Question)
« Reply #6 on: January 12, 2008, 06:12:02 PM »

Seek a lease-purchase 'buyer' for your present home or just lease it out.

Otherwise, if you are really dying to get out of it, try to sell it for 20's of thousands less than "reasonable value".
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Aske
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Re: How Can We Do It? (Help Question)
« Reply #7 on: January 12, 2008, 11:10:49 PM »

i'd buy that for a dollar.
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Clive
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Re: How Can We Do It? (Help Question)
« Reply #8 on: January 13, 2008, 08:04:12 AM »

When it comes to houses, about the only thing I can think of is really long cables.

Hey, we can't all be Tut.
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stroh
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Re: How Can We Do It? (Help Question)
« Reply #9 on: January 13, 2008, 08:31:01 AM »

When it comes to houses, about the only thing I can think of is really long cables.

Hey, we can't all be Tut.

"Thanks!  You know,.......you could have been help, but you've been so much more."

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Clive
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Re: How Can We Do It? (Help Question)
« Reply #10 on: January 13, 2008, 08:37:30 AM »

Well, come on ...

You could buy the new place on a five-year ARM and refinance your existing home on another five-rear ARM, then roll the dice that the market will upswing and you can unload the old house before the rate change.  But do you really think a friend would advise that?

You could buy/refinance both houses, then get the existing house on the market ASAP and get out of it ASAP (i.e., don't hold it and wait for a market uptick).  Lose money on all the refinancing/closing costs and on the housing market, but at least you get the new house you love while it's still available.

You could knock over a liquor store.
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Seamus
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Re: How Can We Do It? (Help Question)
« Reply #11 on: January 13, 2008, 08:38:07 AM »

We still kick ourselves in the butt for not keeping the house we moved from as a rental.

We carried the two loans for two months before it sold and that just about killed us. Not knowing how long we would have to carry the other loan forced our hand.

The housing market is so far down, my MIL is trying to sell a house in Fla. same deal as you, she might have to take 20-30k less than it's worth.
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stroh
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Re: How Can We Do It? (Help Question)
« Reply #12 on: January 13, 2008, 08:46:52 AM »

Well, come on ...

You could buy the new place on a five-year ARM and refinance your existing home on another five-rear ARM, then roll the dice that the market will upswing and you can unload the old house before the rate change.  But do you really think a friend would advise that?

You could buy/refinance both houses, then get the existing house on the market ASAP and get out of it ASAP (i.e., don't hold it and wait for a market uptick).  Lose money on all the refinancing/closing costs and on the housing market, but at least you get the new house you love while it's still available.

You could knock over a liquor store.

Thanks.  I'm pretty sure there is now way we could qualify to attempt to own the 2 at the same time, on any loan product.  Not to mention we couldn't swing it any way each month(like Seamus).

The tough part is there is no selling anything ASAP here.  The house next to ours has been vacant and empty for 2 years, and the asking price is 100k less than it was purchased for 5 years ago.

We're fuxord.

Liquor store?  Please.  They all say "Hey Mike!"  when I walk into any in the 7 county metro.
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Aske
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Re: How Can We Do It? (Help Question)
« Reply #13 on: January 13, 2008, 08:47:52 AM »

Well, come on ...

You could buy the new place on a five-year ARM and refinance your existing home on another five-rear ARM, then roll the dice that the market will upswing and you can unload the old house before the rate change.  But do you really think a friend would advise that?

You could buy/refinance both houses, then get the existing house on the market ASAP and get out of it ASAP (i.e., don't hold it and wait for a market uptick).  Lose money on all the refinancing/closing costs and on the housing market, but at least you get the new house you love while it's still available.

You could knock over a liquor store.


are banks still offering ARMs after this whole fiasco?

anyways, yeah it sounds like it could work maybe. and hell,  in 4-5 years  a 20-30k  loss won't mean nearly what it does today after the u$d  craps out some more.
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
Seamus
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Re: How Can We Do It? (Help Question)
« Reply #14 on: January 13, 2008, 08:51:57 AM »

Quote
Liquor store?  Please.  They all say "Hey Mike!"  when I walk into any in the 7 county metro.

LMFAO!  Grin Grin Grin And there's your 100.
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