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Selling & Buying at the same time?
I have a question about selling a house/condo to move/buy another one.
How do you do it so that you 1) do not sell your place before you buy a new one (as to have no where to stay) & 2) don't buy a new one until you sold your old one (as to not have 2 mortgages) ? Can you put in the offer for the new house that you will not close until you sold off the other one? How does the whole moving thing work? Did you have to put your stuff in storage or were you able to just take a weekend and pack up the new place & move it to the other one? (I'd assume you'd have to close on both around the same time for this to work?)
We are looking to sell our condo & get a house. We cannot float 2 mortgages and wouldn't have somewhere to stay if we sold our place before buying a new one (esp since we have 2 dogs). We also would need the $ from the sale to use as a downpayment on the new place. So, how do you do it? How sood do you start looking for a new place after you put your current place on the market?
Dx: Hashimoto's Hypothyroidism After 2 years TTC & failed IUs,we have our IVF baby born 9/24/11
LO#2 aka 'Miracle Baby' Orig. EDD= 9/28 EDD moved to 10/3/13
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all." -- Dale Carnegie
"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time." --Thomas A. Edison
Re: Selling & Buying at the same time?
If you HAVE to sell in order to buy, then you have to prepare yourself for the possibility of having to move to a temporary place.
We got lucky - we got a contract on our house. I had been looking all along to get an idea of what was out there, etc. So when we got the contract, we hit house hunting REALLY hard - and happened to find one that we really liked.
Long story short, we settled on the houses one day apart, and we were luckily able to rent back for a week so that we had a little buffer. Our buyer was really flexible - but not all sellers are.
Once we got the contract and knew we weren't going to have any more showings, we then started to pack up the house (it's usually at least a month if not longer until you go to closing).
You can do a contingency where you can't buy unless you sell, but many owners won't accept it. I know we wouldn't have! I'm not going to base the sale of my house on someone elses ability to sell THEIR house.
~Benjamin Franklin
DS dx with celiac disease 5/28/10
Basically as I understand it, there would be a condition on your offer saying that you will buy the new house but only on the condition that you sell your old one.
You could wait an see if you get an offer on your condo while looking at houses and then, once you have a contract with a closing date, make an offer on a new house (if you found one you like). Just make the closing date of selling your condo the day you buy the new house (or maybe the day before) if you need the money from the sale to qualify.
We are doing this. Any offer we put on a new house will be contingent upon the sale of our current house. We are hoping to close on both homes the same day. Sell our house in the morning, buy our house in the afternoon. If this works out, we'll have all our stuff loaded into the truck the night before moving day.
If this doesn't work out, we'll sell first, put our stuff into storage, and move into temporary housing for a month or 2.
We've been looking at homes for a few months. Our house goes on the market next week. We will likely be putting an offer on a home this week, again, contingent upon the sale of our house.
It probably depends on what is normal in your market. We found our new house first (because we knew that would be more difficult for us) and made a contingent offer which was accepted. We are now working on selling our house. It has gotten a lot of activity and I am optimistic that everything will fall into place.
I expect we will have closing for both properties on the same day.
In an ideal situation, this is what we would do. If we are taking the proceeds from our condo (selling price minue what we owe), would the bank of our current mortgage be able to turn arounds the check for the extra that quick? Or, would they want to make sure the seller's check clears before giving us the difference? As you can tell, I'm totally clueless on all of this so I am trying to get a better understanding before we make the leap.
Dx: Hashimoto's Hypothyroidism After 2 years TTC & failed IUs,we have our IVF baby born 9/24/11
LO#2 aka 'Miracle Baby' Orig. EDD= 9/28 EDD moved to 10/3/13
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all." -- Dale Carnegie
"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time." --Thomas A. Edison
We only decided to move after a house that we were in love with was on the market. It had actually been on the market for 2 yrs with no offers. It is at a higher price point that does not move fast around here. We were able to make them an offer, which they accepted, before we put our house on the market. The terms of our contract were contingent upon us selling our bungalow and closing on it by the end of April. Mercifully we finally received an offer this week and the wheels are in motion to close before the deadline. We will close on the sale of this house and the next day close on the new house.
There was a strong possibility that it wouldn't work out and that we'd have to hope they would extend the contract date for us. We also needed to get buyers who didn't have any contingencies on their loan.
Another option would be to get a bridge loan, but we did not qualify for that.
We lived in temporary housing for about 6 weeks. We had to move twice with 2 kids and 2 dogs.
It sucked, but it was necessary! We didn't make an offer on a house until we were under contract on our condo because we couldn't have afforded both payments.