What Can We Do If We Are Buying Earlier Than Expected ...

Q: My wife and I are on a path to purchase a new home in the spring and rent our current home out. However my wife?s grandmother just passed away, and we want to purchase that house now. We have our home already rented out and will not have the down payment for the new house until February (we have some money saved but will have the needed amount then). My wife?s uncle said we can live in the grandmother?s house rent free until we get the mortgage (just have to pay utility bills and basic maintenance), but he wants a solid commitment. What is the best way to give him that? I can get pre-approved now, but that does not guarantee anything. What is my best way to give him a guarantee that we will buy in the early part of next year?
?Wondering, Appleton, WI

A: Check with your lender to see what you have to do to qualify for the home, let the lender know you are related to the seller. Sometimes this makes a difference on your financing. A non-refundable deposit would show your wife?s uncle your are commitment to the property. You will all have to decide on the amount. Then check with the lender to see if this deposit could also go toward your closing costs once you are able to secure a loan.
Sandy Straley is a Realtor? in Layton, UT.

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Source: http://www.realtor.com/blogs/2012/10/25/what-can-we-do-if-we-are-buying-earlier-than-expected/

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