What do you do if you want to move, put down a deposit on a new home, but can’t find a buyer for your current home?

I don’t know, but more and more people could be faced with that situation:

From Bankrate.com

We purchased one of those McMansions about 22 months ago

We’ve signed an agreement of sale for a more modest home back in our old neighborhood … but because of the market slowdown, the sellers would not accept our offer without us waiving the homesale contingency clause …

[O]ur agent is telling us that things are very slow right now in our market. We are now faced with the very real possibility that we will be paying two mortgages come February …

We have alot of decisions to make — do we do a new first and second mortgage on the new house until this one sells, … do we borrow from a 401(k) to lower the LTV ratio on the new house, do we take a hit and just sell our current home for less than its value (if we can!) to avoid being cash poor? etc, etc.

Contact me to find to set up an appointment to start your Boston condo buying process.

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Updated: January 2018

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