Said another way, “not having a mortgage contingency on the contract” is a very different thing than writing a check at the closing table for the deal out of internally generated funds.I highly recommend removing as many barriers to a deal with which you feel comfortable.

While you didn't provide nearly enough information, it's unclear that you can even afford house #1 so getting into more property sounds like it could be a recipe for disaster.More simply put, if you're not in good enough financial shape to bring an extra $15k to the table to sell house #1 *and* put enough down on this newer house that you want to buy, then you're not in position to buy this newer house period - let alone own 2 houses.

Some individuals are having a difficult time.During the real estate boom there were still people not doing so well.This is because they made bad decisions and are suffering the consequences of living too high on the hog during the boom.This is the kind of economy that will create many millionaires, take advantage of this time because there is plenty of money to go around.This is just a natural thing in the economy.It is called a correction in the stock market.If you believe the doom and gloom of the media your doomed anyway.Our economy is the strongest in the world period.The question I have Is there food on your table a roof over your heads and cloths on your back.Hmmmm I guess your not so bad off.You just have to give up a couple of luxuries.Maybe you can;t afford that new model of 10,000 inch plasma screen TV oh well.If you have the neccesities and your family there is nothing to complain about.My wife is filipina and i have been to the philippines.

You left 10K on the table at least!

The deal closes with the buyer bringing nothing to the table except maybe minimal closing costs.

I have a no tollerance policy and it is stated that way in my contracts....NO TOLLERANCE.........I'm a nice guy so treat me that way and don't steal food from my familys table, I won't steal any from yours.Cross me and be prepared for the full force of the legal system to be brought to bear on you.

But it concurrently increases your current RISK profile.What other facts need to be considered to have all the pieces to this jigsaw puzzle on the table?

If they owe more than its worth to you, they will either need to bring some cash to the table, or you'll need to negotiate a short sale.

Stocks used to be like that, and I look forward to the day when real estate is like stocks are now.If the property falls by 10%, and you have to sell, you'll have to bring $7K to the table to sell it.

Title search is done before close and the title insurance is paid for by the end buyer at the close table.