Jorge R asked:
I put a contract on a new home on September 26th 2006.which is being build, schedule close date is 12-31-06. The purchase of the new home was contingent on the sell of my existing home. As we all have heard the market has slowed since August, my current home is priced accordingly and we have reduced it by 5 grand. The new house is moving along fast and looks like they will have it complete by the closing date. I haven’t had much contact with the builder on the Forman. At what point do I go and speak to the builder? What can I expect? We want the house very much, but need to sell our current on to used for the down payment./ closing.
Originally posted 2009-08-08 17:54:15. Republished by Blog Post Promoter
5 Comments on “I put a contract on a new home on September 26th 2006.which is being build, schedule close date is 12-31-06. T”
Buy Home Bad Credit 10th August 2009 9:29 pm
Buy Home Bad Credit
Time to start talking to them right now.
You might need to change your financing structure to something like a no ratio or no doc program in order to qualify. Try to set it up as an 80/20 with the 20 as a line of credit that you can pay off or pay down when you sell your existing home and get your equity out. If you have more than 20% coming, get the first mortgage set up as an interest-only loan, so when you pay it down the payment drops as well.
Might have a slightly higher rate doing it this way, and may have to double up payments for a bit, but better than losing the home you want and any cash you put into it to date.
And a reduction of 5 grand just may not be enough to move a property in December, historically a very slow time for real estate sales. But things generally pick up quick in January.
Buy Home No Credit 13th August 2009 8:40 am
sell+home+fast
if you have the time to do it i would be in touch every chance you get. as long as your not hounding them i would want to see that i’m getting what i pay for. your paying them. i’ve seen allot of customers be at job sites from start to finish.
Sell By Owner 16th August 2009 1:48 am
Buy Home Bad Credit
1. it will not be done on time. In the history of home construction, no contractor has ever finished a home by the scheduled completion date.
2. Talk to them now. Today. Right away.
3. Work a deal. It could be anything. The builder could buy your old house. You could rent the new house for a while. The builder could loan you the downpayment secured by a second on your old house. Anything is possible but every option takes time to negotiate. If you wait, they will see no reason to believe you are acting or negotiating in good faith,.
Buy Home No Credit 17th August 2009 5:36 pm
Buy Home Bad Credit
The contract you signed with the builder stipulates what happens if your house doesn’t sell and when. More than likely you don’t have to do a thing, the builder has to notify you if your house hasn’t sold in the specified time period, they have the right to cancel and return your deposit. Or they can extend the contingency if they choose. Read your contract.
Sell Home Fast 20th August 2009 11:53 pm
Sell By Owner
There is two reasons a home doesn’t sell location or price. Keep that in mind. You need to speak with your loan officer and the homebuilders. Make contact. When you don’t say anything things seem worse.