New home from national builder, what happens if your home doesn't sell? - Chicagoland Sportbikes
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post #1 of 7 (permalink) Old 02-06-2008, 02:54 PM Thread Starter
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New home from national builder, what happens if your home doesn't sell?

What do home builders do if go into contract on one of their homes and your current home doesn't sell? Would they purchase your old home (if that somehow looks better on their operating statements?)
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post #2 of 7 (permalink) Old 02-06-2008, 03:00 PM
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Unless there is something specifically in your contract about that, you are S.O.L.

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post #3 of 7 (permalink) Old 02-06-2008, 03:12 PM
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If there is no contingency in the contract, you will be paying two mortgages until you slash the price on your current home until it sells.

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post #4 of 7 (permalink) Old 02-06-2008, 04:07 PM
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Quote:
Originally Posted by jrock View Post
If there is no contingency in the contract, you will be paying two mortgages until you slash the price on your current home until it sells.
+1

Are you in this situation? Might want to check with Mao, he always has cash for stuff.




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post #5 of 7 (permalink) Old 02-06-2008, 04:22 PM
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yeah, without a contingency you are signing a contract to purchase the home. selling your home isn't a concern of theirs.

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post #6 of 7 (permalink) Old 02-06-2008, 04:23 PM
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And then have fun with your financing that was probably approved based on certain ratios which will not be the case unless that other home is sold.
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post #7 of 7 (permalink) Old 02-06-2008, 04:50 PM
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If you are contracted to purchase a new house without a contingency, you may have to back out of your deal, thus losing you deposit. Or slash your homes price, or try to find a renter for either the new or old home.

If you are not contracted or do have a contingency, I would ask the builder if they would be interested in purchasing your old house. They may only offer $.85 on the dollar, but they may be willing to sell you a house that you would be purchasing for more money getting them some cashflow. In this market, you may be able to squeeze them for the sale.
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