Quote:
Originally Posted by secondcurve
Broadhopper:
I don't mean to preach to you but buying a second property before you sell your first property (which apparently you feel is too costly for you) wouldn't be the wisest move. Cut the price on your primary home and make it go away before you buy a second property. Fortunately, the banks are no longer making bridge loans like the one you seek.
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I would give a big fat DITTO on that advice. In this market, you have no idea how long it will take to sell unless you do a major price drop to undercut everyone. Last thing you want is MORE debt when you are trying to cut expenses. (This advise does not apply to governments, however
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We were dropping our price in $25k increments and when we got close to the magic number, the buyers started coming. Felt like the worst 7 months of our lives and I could not image buying a new house and still have the stress of trying to unload the previous boat anchor.