To buy or not to buy? HELP!

[Mangojuice4u]

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What would you do? We have had our house on the market for 105 days, starting at 649k down to 600k. We have had 16 showings total- very slow. We bought a new house for 540k in April, suppose to settle next week. We did a non contingency. We weren't able to get an 80/10, but got a 90/10 which means we have to borrow money from a few people. Now we are thinking of backing our of the new house and keeping our current house. We've talked to lawyers...we can get our of the commitment and even get our 15k deposit back. The sellers are very upset...are offering us at least 16k cash at settlement to go through with the deal. That would cover us for a few months of double mortgage payments but then what? Any advice? We want to move because we love the new house and have been very unhappy in our current house, but a house is just a house....who knows if we can get the $?

[avonreal]

why not get some advice as to why your old house is not selling, you could also ask for feedback from the viewers. that way you'll find out if you should change something or maybe its just the location.

[Mangojuice4u]

The realtor says it is the market, but i guess it is overpriced. where do i go to get feedback from viewers?

[getty]

Mango,

The good news is you have options.

Sounds like you have leverage for more funds from the owner.
They probably are very eager for this deal to close.
In that regard, you can better your deal.

However, things are tightening up and sometimes its better to cut bait.

Good Luck Let us know what happens.

[escapeso]

I would be worried about having 2 mortgages for an extended period of time. I would run the numbers and see how your finances would be effected by having two mortgages for a year.