Legal Question in Real Estate Law in New Jersey

can I buy without selling

I found a house I would like to buy. However the house I was willed has to go thru probate, so the money to buy is not there yet. Is there anyway of securing the deal with the new home based on selling the current home. The current house is prime property located in a desirable area. The home is in need of tremendous repairs but I have had several people interested because of location. selling wont be a problem. Will any lender help me in this situation. When these parties approched me I was not interested, thinking I would stay in the house myself. But in leiu of the repairs needed, it is not a wise move for me at this time. I wish it was I love it here. The house Im interested in will go to the open listings in one week. Is there any hope for me?


Asked on 9/01/06, 3:36 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: can I buy without selling

The simple answer to your question is that a contract for the house that you would like to buy can be made conditional on an event such as selling the house that you are now in. That is a matter of drafting the contract to your needs.

More important is the fact that you are in the middle of three transactions each of which affects the other and any one of which can easily go wrong. Unless you are thoroughly familiar with real property transaction and probate, you should have a lawyer to assist you. If you have a lawyer who handles your affairs, now is the time to call. If not, you can call me or one of the other lawyers who will contribute and answer. Don't do this by yourself.

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Answered on 9/01/06, 5:54 pm


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