Sale Existing Home First
Hello,
I wish to first sell my primary residence to get another bank foeclosed REO property that's been on the mkt over 2 years. They rejected a offer for 370K.
The bank is asking about 400K,
the true value after much needed fixup-estimated 20K
Market value will then be 650K
my reisdence will sell for appx 200K, I can take a first for the 200K balance.
Question: What options/strategies can I propose to entice the Real Estate agent, and Bank to wait for me while I sell my existing home?
Should I offer an earnest money deposit for example? Or, let them know that I will be investing in other property which they can benefit?
Any ideas will be greatly appreciated.
iaustin
We are lost at what is your goal.
The bank rejected $370, so how were you going to pay this amount? - By selling your home?
Eric & Rosa
[addsig]
I don't fully understand what you are trying to do...
But as far as making an offer on the REO, generally they (REO) aren't interested in an offer that contains a contingency predicated upon the sale of your residence. Cash is king.
How was I going to pay for this amount?
Yes, buy selling my home.
if you have a 200k home and from what it sounds like there is no mortgage on it, why dont you get a line of credit on it ...80% ltv will give you 160k cash....with that kind of money you can qualify for a no income check loan, and you can buy that 400k house in the meantime while you are trying to sell your home. just remember that you have mortgage payments to make on both homes until you sell.