What to do when you sell your house

[Prince]

I am about to put our house up for sell in a couple months. Do you keep looking and just try to time the 2 closings? I've been looking at moving into an apartment if we sell ours before finding a new one. But than I do not want to sign a long term contract since I hope it'll only be a couple months til we find a new home.

Any suggestions??

 

[burnwood]

try to time the 2 closings.

 

[Mejnoon]

try to time the 2 closings.

That would be ideal, but there are a few solutions if you can't for whatever reason. If your buyer is amenable, you can lease back for a certain period of time. If not, rent month to month...you may have to settle for a place thats a little below the standard you're used to living at, but if its only for a short time...

 

[dpm802]

Some banks and mortgage brokers offer a product they call a "bridge loan."
This covers you if you buy the new house prior to selling your old one, so you don't get saddled paying two mortgages at the same time.

Also, make sure your selling agent writes a conditional clause into the sales contract, so that the buyer of your present house is aware that you may need time to find a new place to live, and gives you the rights and options to back out of the contract if you can't find a new place within a reasonable time.

There is often a long gap between the time an offer is made and the sale is closed. It may be as long as 60 days, which will give you plenty of breathing room. If necessary, you can request a longer time, but this may scare off potential buyers.

Good Luck!

 

[rickw]

You might want to make the purchase of the new one contingent on the sale of the one you currently have. You can try to have both close within a period of time or write a rent back into the sale of the one that you are selling if you know when the new one is closing. Try not to own two houses at the same time with no buyer for the one that you are currently in.

 

[Limey]

In this market I would only worry about selling your house and deal with whatever else when the time comes.

 

[PedroNavaja]

You might want to make the purchase of the new one contingent on the sale of the one you currently have. You can try to have both close within a period of time or write a rent back into the sale of the one that you are selling if you know when the new one is closing. Try not to own two houses at the same time with no buyer for the one that you are currently in.

I don't think you'll find many sellers that will agree to a contingency clause.
Your best bet is concentrate on the sale of your property, and once you have a contract on yours then look for the new home. My $0.02

 

[Prince]

In this market I would only worry about selling your house and deal with whatever else when the time comes.

I don't think you'll find many sellers that will agree to a contingency clause.
Your best bet is concentrate on the sale of your property, and once you have a contract on yours then look for the new home. My $0.02

Just trying to get out is my biggest concern. I guess once that's done, everything else is downhill.

 

[BrianL]

I am assuming that your neck of the woods is in a buyers market. I would concentrate on selling your house first. It will be alot eaiser to buy a house than to sell one at this time. Hook up with a REALTOR who knows your market and how to stage your current house for sale.

 

[kwk285]

I am assuming that your neck of the woods is in a buyers market. I would concentrate on selling your house first. It will be alot eaiser to buy a house than to sell one at this time. Hook up with a REALTOR who knows your market and how to stage your current house for sale.

I agree. I don't know what it is like in your market but is the Seattle area right now homes that used to sell in days or a couple of weeks are now taking several months to sell. Once you sell your house, chances are you will have a pretty good selection of housing options.

 

[Prince]

Just an update on this, we sold our house, and found a home my wife and I wanted to buy. We were able to close both homes on the same day. Now the fun part, the actual move.

 

[rickw]

Texas only has hills. Where are you? If you like rural towns, in the hills, I could recommend Leaky.

 

[riooso]

Just an update on this, we sold our house, and found a home my wife and I wanted to buy. We were able to close both homes on the same day. Now the fun part, the actual move.

Congrads! The hard part is over.


Good luck,
R

 

[Gruder]

Congrats JP! Glad it worked out for you. Best of luck with the move.

 

[ouch]

What to do when you sell your house

Head for the casino.

But that's me, Mr. Vegas.