Posted on: 20th Sep, 2006 01:16 pm
We are selling and buying a new homw. Do to the market our home has not sold yet. Our new home is getting ready for settlement. We need the money from the sale of the current house to buy the new one. What is our options? Will the builder give us a little more time to sell out house or is their any help for this case?
Hi Cheryl,
You can discuss with the lender if the actual date of closing/settlement can be delayed.
Also ask if the loan commitment and rate lock agreement will expire because of the delay you are asking for and whether any extension will be allowed.
You can discuss with the lender if the actual date of closing/settlement can be delayed.
Also ask if the loan commitment and rate lock agreement will expire because of the delay you are asking for and whether any extension will be allowed.
Hi Cheryl,
Welcome to the forums.
If you are buying the home with cash, then you may request the builder so that he gives you some more time for the sale of the house. Otherwise, you can ask the builder to wait till you are able to take a mortgage loan from a suitable lender. You can then finance your new home with the loan by keeping the home as the security for the debt.
Thanks,
Caron.
Welcome to the forums.
If you are buying the home with cash, then you may request the builder so that he gives you some more time for the sale of the house. Otherwise, you can ask the builder to wait till you are able to take a mortgage loan from a suitable lender. You can then finance your new home with the loan by keeping the home as the security for the debt.
Thanks,
Caron.