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It's not really the same as normal subject to finance so that's probably a bad term to use but the buyer is banking on selling their current place for a certain value. Maybe I'm thinking of a situation that doesn't exist, but hopefully it makes more sense with numbers?
Say the buyers are offering $1M for a house, subject to the sale of their current condo. They're expecting to sell the condo for $500k, and expecting to land at $250k in total equity after fees etc. They're approved for a mortgage for the other $750k.
Except they don't get the $500k they expect for the condo, they only get $450k for whatever reason, so now when you add everything up they're at $950k total/$50k short. Now they're back to needing to get another $50k worth of financing. Now what happens?
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1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
1992 Toyota Celica GT-S ["sold"] \\ 2007 Jeep Grand Cherokee CRD [sold] \\ 2000 Jeep Cherokee [sold] \\ 1997 Honda Prelude [sold] \\ 1992 Jeep YJ [sold/crashed] \\ 1987 Mazda RX-7 [sold] \\ 1987 Toyota Celica GT-S [crushed]
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Originally Posted by maksimizer
half those dudes are hotter than ,my GF.
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Originally Posted by RevYouUp
reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z
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Originally Posted by Good_KarMa
OH thank god. I thought u had sex with my wife. :cry:
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