It's for sale

[Beyer]

Well, the house officially goes on the open market today!
We already have one we are ready to put a bid on when/if we get a contract on ours.
It has 3 acres and plenty of room for a shop!

 

[muchado]

Sweet man! Go for it---you are smart waiting to go under contract on yours before buying another tho

 

[STEVEN]

hope it works out for you. if it does. when are you starting the shop build? adding that in on the new loan?

 

[Beyer]

hope it works out for you. if it does. when are you starting the shop build? adding that in on the new loan?

No, I decided to keep the loan to a bare minimum and then pay cash for the shop (just in case something happens). But I will have a 3-car garage to work in rather than a 2-car until the shop is built.

 

[muchado]

No, I decided to keep the loan to a bare minimum and then pay cash for the shop (just in case something happens). But I will have a 3-car garage to work in rather than a 2-car until the shop is built.

WERD... Make sure to add that to your homeowners ins.

I'll be droppin cash on the same thing this spring hopefully...

 

[Beyer]

Went on the market last night at about 7:00 pm. The First showing is tonight at 5:15.

 

[P]

NICE...

 

[John Galbreath Jr.]

Went on the market last night at about 7:00 pm. The First showing is tonight at 5:15.

Our last house sold in 3 days for the asking price. Always wondered what I left on the table. Appraisal said very little.

 

[yellow2.5yj]

man i hope it works out for you!!!i am about to close on my house fri. morning at 10 and close on the house we are buying fri.afternoon at 4!!!!!! it only took about 3 weeks to sell our house!

 

[Beyer]

Another showing today at noon.

 

[Beyer]

Another showing last night, but still no offers yet. :-\

Anyone ever heard of a way I can buy another house and roll my current loan and the new loan into one, and then refinance when I sell the original house? Someone said it was called a 'bridge' loan. I looked it up on line and it didn't really seem to be what I am thinking I need. My damn banker is gone for the day.

The foreclosure we have been looking at just dropped another 10K off the price. Damn, I do not want to let it go.

 

[muchado]

get ur house forclosed on, travis can plot it out for ya

 

[Beyer]

get ur house forclosed on, travis can plot it out for ya

No thanks. I tried to follow what he was trying to do in his thread, and I think I will stick with just paying what I signed up to pay for.

I am just nervous about letting this other one go. It was a $275K house new, now asking $180 (I am pretty sure I could get it for even less). Been empty for a year, but they just recently started dropping the price like Bones drops Cougars! It has almost 3 acres and it is somewhat 'country' (for the Tulsa area).
Maybe I will pony up and do 2 mortgages for awhile. Might have to cut down on my wheeling trips. :'(

 

[Welderd]

I wasn't trying to "DO" anything - just curious on the laws and **** in case Option Z happens

A bridge loan from my understanding

you take out a interest only loan on the "equity" in your house, use that money for down payment on the new house and also take a loan out for that house. So you'll have 3 loans for a while.

when house #1 sells you take the equity and pay off the interest only loan and then your left with only 1 conventional loan with your equity into that house

This only gets you out of paying PMI and interest only on say a 40k loan is not really much at all and then your 2nd house loan is lower since you put a nice down payment down.

 

[Welderd]

Oh - I don't know what the terms are on the interest only down payment loan but if you find out I'd like to know

don't think they'd let you take a 30yr loan on that but I'd be curious to know if it was 3,5 or 10yr and what interest rates would be.

This was typical practice - back in the day - my parents did it on all their home transitions but I don't know if lending practices have changed to not allow it as much

 

[Bones]

Bridge loans are tough. I tried it while married so that was 5+ years ago and not many were too hip on it amymore.

 

[Beyer]

Putting a bid on said house today (Bank will see it in the morning) using a bridge loan to cover our equity from our current house.
May not be wheeling much until the first house sells. :-\
Otherwise, first house will be for rent. Only 2 hours from Clayton!

 

[Welderd]

I'm doing the same today too! Good luck to us!

 

[muchado]

Cheers to non-forcloseeerrrrrs

 

[Welderd]

I'm making an offer on a 2 year old house that's a foreclosure - asking $77/square foot