Bye, Bye, House?
I received an email from the owner of the house that I want to buy. She is currently renting an apartment in California, and making payments on her house here in Illinois. She said that she was running low on funds, and that she had to either foreclose on her house, or put it up for sale to sell it as soon as possible.
I replied that I had not had anyone knocking on my door to even look at my place for some time (it has only been shown three times since November), and that even though the housing market is supposed to pick up in February, it has not happened yet. She asked me in a previous email if I would consider buying her house with a bridge loan. I really didn't have to think about that one too long. I am not making enough money to pay for two places at once. If I had lots of interest in my condo, and it looked like I could sell it in the near future, I might think about a bridge loan, but that is not the case. I told her that she should put her house up for sale, and that I still hoped to buy it, and would let her know if someone wanted to buy my place. I wished her luck, whatever happens.
Part of my deal with myself when I first entered into the contract to buy the house was that I must be willing to walk away from it rather than put myself financially at risk to get it. In today's market, getting a bridge loan would definately qualify as putting myself at *significant* risk.
I replied that I had not had anyone knocking on my door to even look at my place for some time (it has only been shown three times since November), and that even though the housing market is supposed to pick up in February, it has not happened yet. She asked me in a previous email if I would consider buying her house with a bridge loan. I really didn't have to think about that one too long. I am not making enough money to pay for two places at once. If I had lots of interest in my condo, and it looked like I could sell it in the near future, I might think about a bridge loan, but that is not the case. I told her that she should put her house up for sale, and that I still hoped to buy it, and would let her know if someone wanted to buy my place. I wished her luck, whatever happens.
Part of my deal with myself when I first entered into the contract to buy the house was that I must be willing to walk away from it rather than put myself financially at risk to get it. In today's market, getting a bridge loan would definately qualify as putting myself at *significant* risk.