Quote:
Originally Posted by Timco
My wife got bad advise about a 10-31 exchange on the sale of our 4plex. Now those funds are tied up until end of August. In RI you're required to put 5% down and were in the 500k neighborhood of potential homes. That's a hefty deposit. Here $500 or $1000 earnest money will suffice. So for a couple months our hands are tie before we can make a real formal offer. We did agree on a sale price but don't have $25k sitting around until funds are released. What a mess.
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Sorry to hear that! Hope it all works out.
FYI, the housing market in this area has gone nuts. My daughter just bought her first home. It's a 3 bed, 1 bath ranch built in 1962. 1400 sq ft. It needs some work, to say the least. Sale price...$395k, or about $45k over the asking price. Every house she looked at, there was a bidding war. And you had to have at least 20 percent down in cash or your offer landed in the trash.
And now my wife and I are getting cold calls from realtors with offers from people to buy our house -- sight unseen! It's not on the market, and we have no desire to sell. It's just crazy, and a far cry from a few years ago...