Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
New construction & selling current home first
We will have a mortgage contingency to sell our condo & the builder we are looking into requires to meet the contingency prior to breaking ground. The builder is giving a four month timeline which I know I should expect longer. Does anyone have any experience with this or any tips? Did you rent or do extended stay hotel? We plan to hire movers, what is approximate cost for storage?
Thanks
Re: New construction & selling current home first
We were in the same situation as far as our mortgage being contingent on the sale of our home. Our builder broke ground though as soon as we got our mortgage commitment.
We listed in mid-February, we were in contract the beginning of July and we closed the beginning of September.
We are in a rental until our home is completed. We managed to find a 6-month lease that is about 10 minutes from the neighborhood we are building. We pay $220 a month for a 15x20 storage unit.
Advice on the sale of your home: price it to sell. Look at what comparable homes have sold for (not what they're listing for) and price yourself accordingly. It is extremely stressful to have that home sale contingency. If I were to do it again, I would have sold first and stayed in a rental after the sale.
With the market still declining, it is smarter to take what you can and move on.
Thank you for your reply. When I first heard we had to sell first I freaked but the more I think about it, it takes the pressure off during the selling process. It pushes our timeline off a few months but will be worth it in the end.
We are in that situation - we signed a contingency with the builder, but went ahead and got approved for both our current and new mortgage - so we could pull the contingency and start construction before selling our current home.
We pulled the contingency after our house was on the market 30 days, and we had a lot of interest. We got an offer a week later, and we are under contract now - set to close Nov 7. We should break ground on the new house in a few weeks (mid October).
We will still have 2-3 months of 'transition' time between houses, and will live in my parents house and put all our stuff in storage. Will be a headache, but we'll be glad when its done.