Please help... - Posted by Bryan

Posted by Bryan on December 11, 2002 at 13:37:19:

One thing I know is that I have to close. So should I arrange financing with a 1 yr ARM or something since I will sell it right away?

Note, Newbie in training :slight_smile:

Please help… - Posted by Bryan

Posted by Bryan on December 11, 2002 at 12:52:42:

Hello All Experts,

Here is my dilemna.
Sept of 2001, we signed an agreement to buy a Townhome for 167,000 after upgrades. This is from a new development and we were supposed to close in May of this year. Well, May turned into September, than December, now January of 2003. About a month ago, we found our near dream home on accident for $200,000 and decided to buy it and let the Townhome go. When I went to the developers to ask for my earnest money back (a meer $1,000) they told me I would be crazy to back out now as they are now selling for $200,000 + now. I asked for proof and I looked at the price sheets and they were right. I decided not to sign the “backout agreement” and told them I needed to think this over.

My question is this:
I looked through all the paperwork I signed and found my initials next to “I am buying this home as my primary residence”. So what I am asking is whether I can buy the Townhome and sell it right away? Are there any ramifications if I do? I didnt find anything in the contract that addresses this specifically.

Thank you in advance,


Appraiser - Posted by ken in sc

Posted by ken in sc on December 11, 2002 at 14:58:46:

You may have a good opportunity. But just to be safe, I would consult a local appraiser who would have access to the information on what has actually sold and closed and could give you an idea if this price increase is true. It seems like a big jump. I would be alittle hesistant to make a $167,000 investment based on a “price list”.

If the true market value is considerbly higher than the price you have, then have a Realtor who does a lot of business there run you a “net sheet” that will show what you get in actual cash after expenses if you bought and then sold. I would probably discount my price a little to sell quick and not incur months of payments. Then make your decision.

Hoping your ship has come in -


Re: Please help… - Posted by D.E. in N.Y.

Posted by D.E. in N.Y. on December 11, 2002 at 13:32:53:

you can start looking for a buyer right now. there is nothing that i can see saying you have to live in the home for any specified amount of time before you can sell.

Re: Appraiser - Posted by Bryan

Posted by Bryan on December 11, 2002 at 15:12:54:

Good Idea. Other than the price list, I do know of one that sold for $183,000 right after it was built by an obvious investor. At $183,000 my profit margin would be very low after all is said and done