AgentNews Brief

Buyer $5,000 short: How to close the gap

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BERNICE: We need $237,900 to pay off our first mortgage and to cover closing costs. We have an offer from some buyers who qualify for a total purchase price of $233,000. We have to move because of my job change. We have the money for the downpayment on our next house. If we take this offer we will have to use part of our downpayment money to close the deal. That will probably put us short on our next house. Our agent says we should be thankful we have a preapproved buyer who can actually close the deal. Do you have any suggestions? --Mark L. DEAR MARK: First, if you have a preapproved buyer who can definitely close the transaction, it would be very smart to take the offer, even if it's $4,900 less than what you need to pay off the loans and closing costs. There has been quite a bit of commentary in the press about a new wave of foreclosure properties entering the market in 2010. This could be well over a million properties. A flood of new inventory would have the effect...