When You’re Straddling Two Mortgages, Here’s a Lifeline
Jan - 10 - 2018
Every home seller’s nightmare is when they sell their home to purchase another, but then their buyer backs out of the deal. They are left in limbo, like a person with one foot in the boat and the other foot on the dock as the boat sails away from them.
Stuck in Limbo with two mortgages
It happens more often than you think. So make sure you have a Plan B that can save the day. The moving van is packed and you’ve registered kids in their new school district. Maybe your new job is waiting for you in another city. If you don’t show up they’ll have to give it to someone else. You might even be stuck paying mortgages on both homes. You still owe on the one you thought you had sold, plus the new one.
Why it Can Happen to Anyone
You’d be amazed how suddenly your whole life can get turned upside-down when a real estate sale blows up in your face. It can happen for all kinds of reasons, too. Sometimes the mortgage company uncovers a new debt in the buyer’s history that disqualifies them from getting loan approval. The buyer’s own house may not sell, so they don’t have the cash to complete the purchase of your home. Sometimes, as tragic as it sounds, buyers die…and your pending sale can die with them. The bottom line is that your buyer may look golden on paper. But that doesn’t mean the sale is a sure thing.
A Great Solution to a Huge Problem
Should you find yourself in such a terrible dilemma, there is a quick and easy solution. Many professional investors are in a good position to offer you a fair cash price for your property. If time is running out on you, they can speed up the transaction. They don’t need mortgage financing or bank approval. So they can often close the deal and get the cash in your hand within as little as two to four weeks. They also typically like to buy homes in “as-is” condition. That means no haggling over repairs or waiting until contractors can be hired and finish any needed work. You simply complete the sale, take your money in cash, and get on with your life. Plus you do it before the potential problems have a chance to become messy and disrupt your plans.
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