What are my options? - Posted by Ben

Posted by Matthew on July 09, 2007 at 10:34:06:

your options are wide open. you have the control. I would go in with the 274,000 offer first.you can always go up not down.
best of luck

What are my options? - Posted by Ben

Posted by Ben on July 06, 2007 at 21:26:42:

I have the opportunity to purchase a stunning lakeside home worth a little under $379,000 but which has been owned by a relocation company that would not allow contracts contingent on the purchaser selling their home.

The relo company recently changed agents and agreed to lower the price to $339,000 and accept contingent contracts. This is a small community and that is still considered a lot of money here. There are several other homes in that price range for sale in the same lake community. The property has been on the market for over a year.

I have a home worth about $169,900 or more and a mortgage of only $105,000. I could offer $309,000 for the home contingent on selling my house to raise about $60,000 for the down payment… or I could offer $229,000 and use cash in other relatively liquid investments for the $45,000 down payment. The latter option would get them out from under the property immediately.

Any thoughts, and am I missing any opportunities? Thanks!