Our house has not sold yet....

iVillage Member
Registered: 05-19-2004
Our house has not sold yet....
11
Thu, 05-11-2006 - 12:28pm

and I'm getting a little nervous. It's been on the market since the beginning of March.
We only had a handful of people look at it. Although our house won't be finished for months, I'm so scared of having to pay 2 mortgages! I plan on paying off current mortgage, suv loan and my student loan with the profit.

The darn interest rates are up, so that can't be helping matters. The contract on our new house isn't even signed yet because the property deed is being transfered (lawyer has it)~~ so the interest rates will probably be even higher for us when we get our loan.

We are going to stay at my parents if our house does sell before the new one is done, which will save us lots of money for all the "crap" we will need. (okay, want.)

I followed some suggestions you all gave me for my down payment and sold my old dining room set, a kitchen hutch, Barbie jeep, lawn mower bagger and truck hitch ($200+ total.)I also have a nice wooden full bunk bed that should go for $200. I'm getting there....

Thanks for letting me vent, Nicki

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iVillage Member
Registered: 05-01-2006
Mon, 05-15-2006 - 9:18pm

HI there. Quick suggestion here for you. I am in a similar boat as you.. and what I am thinking of doing is selling the home 'rent-to-own'. If you do not need money out of the home then this is the way to go. Even if you do need some money out you can be creative with this. How it works is this..

1. A rent is set that covers YOUR costs and a few hundred extra over your costs
2. That few hundred extra is used as a rent credit
3. at the end of the contract term.. say 1 year.. the buyer/renter buys the house from you with no realtor commission for the price you set minus their accumulated rent credit.
4. If the buyer flakes out at the end of the contract.. you keep the rent credit (inflated rent) and can either sell it outright or try again with a rent to own

Let me know if you have questions.. Look up 'rent to own (your neigborhood or town)' on the Internet. A lot of people specialize in that and they normally do not charge you they charge the buyer.

Hope this helps.

Rachael

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