Seeking advice

**cmitch525** · 04-22-2008, 11:37 AM

So here is my situation I recently sold my house and moved into a new house which was a bit more expensive (about $50000 more) The house I sold we had No mortgage on it. right before closing it came up we were missing a CO so we could not close and our buyer was being unreasonable. We closed on our new house anyway figuring it would work it self out. well we were given until 4/30 to get the CO and we are being told it could be another month so we will most likely lose our buyer

I really can't afford the new house without selling my old house or renting it out.

Basically should I start from scratch and try and sell or should I rent.

I live on long island if that helps.

**RehabEd** · 04-22-2008, 12:59 PM

Since your first home is paid for, could you look into getting a quick loan against the equity in the first house? Say $20K for example? Whenever you sell the first house, the bank will get it's $20K back right away. It's a temporary solution for a temporary problem.

If the buyer was being unreasonable, it might be better to look for a new buyer anyway and this is a good excuse to dump them if they don't want to wait until your problem is solved. The $20K will help you get along until you've got the first house sold.

Maybe it's not that simple, but it's the first thing i would consider.

**cmitch525** · 04-22-2008, 01:19 PM

Thanks RehabEd. I could afford it for about 6-8 months because I do have some money set aside and I might just be inclined to tell our buyer to buzz off though

**gjtrafl** · 04-22-2008, 07:18 PM

If you are going to dump them you are at the right time. Long Island should be just about ready to pop for the spring selling season!

**chandan** · 04-22-2008, 09:44 PM

hi if any one could tell me abut what do we mean by real estate products

**cmitch525** · 04-25-2008, 11:50 AM

Well we lost our BUYER

Not sure how to proceed. I am temped to Rent for a year or two until the market gets better.

**RehabEd** · 04-25-2008, 12:03 PM

Not a bad idea.
I heard that landlords usually make it through economic downturns, better than the rest.
Better to hold onto the property for now, if you can.