My realtor wants me to tell the agent from the other house that I want that I am bidding on this other house. Is that necessary? Do I have to disclose that I am trying to buy a different house? I was hoping that I wouldn't have to stop the process with the short sale because I don't have a lot of money to use to bid on this second house so there is a good chance that I won't get it. I would hate to lose both houses.
Wednesday, September 28, 2011
Plan Number 2,673
I have been racking my brain trying to figure out how to raise enough cash by Saturday to be able to bid on that cheap house. Finally it dawned on me....401k loan. That doesn't mean I have to do a 401k loan. All I have to do by Saturday is provide proof of funds. I just show them my 401k statement and bingo, I can submit my offer. That will give me more time to think up some creative financing or find a loan. I could do a 401k loan and then pay it back with a home equity line of credit, or just pay myself back. I'm still weighing the pro's and con's.