Updated about 5 years ago on . Most recent reply
What contingency to use to delay to gather funds
There is a vacation house that’s been sitting on the market for a year and we’d like to offer on it. However we won’t have cash saved for the down payment until March. We could pull from 401k loans, but don’t want to.
Is there a contingency we could get to put in to try to hold it until then? We’re not selling a house to get it.
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Rental Property Investor
- Boulder, CO
@Pamela Gondeck I'm not sure a seller would go for that long of a close, however, you could have your agent ask their agent. Otherwise, instead of pulling funds, have you considered taking a loan against your 401K, then repay it with your savings? If you have cash value in a life insurance policy, you could take a loan against that as well.