Expert: Dick Dennis - 2/13/2006

Question
Hi!  My husband and I signed a purchase contract late 2005 to buy a NEW Home from a local builder.  We have given them a $17,000 deposit.  We are currently trying to sell our home and nothing is happening.  We have about 90 days before this new home will be ready to move in.  We are feeling the pressure and don't feel this move will be financially feasible.  How can we get out of buying this new home?  We can't afford two mortgage payments.  

Answer
I thought I answered this one already, Vanessa. But here goes again. Try to sell the NEW house. There are people who will be willing to buy. Advertise. Ask people who are shmoozing around the subdivision. YOu might bump into someone who will be interested, even if you have to let them have part of your deposit.

If you really want to get out of your deal, go to a local REAL ESTATE attorney and pay for his time to advise you how you can escape that deal.

Or you can put your present house up for LEASE OPTION. There are always people who are looking for those. That will take that monthly obligation off your shoulders.

I wish you well.

Dick Dennis
dixiedee13@aol.com