WWYD?

OK... You are in a beautiful, renovated 2 br/2 bath co-op walking distance to LIRR and you bought it in 2007 (need I say more?). You don't NEED to move right now, but you are looking b/c you want to start a family and figure while the market's low you might get a better deal. You see 60 houses in a few open house marathons and fall in love with your perfect house. Well, it's perfect except for the fact that it doesn't have much of a yard and is sort of close to a main road. It is a gorgeous house and the size and condition make up for these factors.

You can get it for a price that works for you b/c they're motivated, BUT they don't want a contingency that you'll rent or sell first.

You can't really sell b/c you'll take a loss and it isn't worth it, BUT you really want in on the house.

You were pre-approved for a big mortgage w/no contingency of sale of this property, so that doesn't stand in the way, but you're afraid b/c you're conservative and a worry wart.

WWYD?

Do you sign a contract now with the hopes that you'll be able to rent before closing? Do you think there will be other houses out there and let this pass by since you don't have a renter lined up?

Thoughts?

Re: WWYD?

I would sign the contract as long as you can afford to carry both mortgage for a few months

and still have some resserves just incase the renter is late- these things happen


and get the place rented!

Re: WWYD?

Re: WWYD?

I feel like I could have written exactly this, and although chances are slim, I feel like I know which house you are talking about (tulip?)

We decided to pass on the house because while I LOVED the house, I really needed a backyard. It did have a nice size front and side yard, but it was too close to a busy street to feel good about my kids playing there.