| Posted By |
Message |
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Buying and Selling
AHHHHHHHHHHH
i am soooo nervous about this. I am going to have to sell my condo and buy a home
Which do i do first ?
|
Posted 7/1/05 1:05 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
sasha96
lovin' my 2 little ladies!
Member since 5/05 7401 total posts
Name:
Julianne
|
Re: Buying and Selling
most RE agents will tell you to sell the condo first so you look more "attractive" to sellers, you are a sure thing. However, in this market it is easy to sell and harder to find something to buy. We knew our townhouse would sell fast so we found a house, sort of fibbed to the seller about our townhouse's sale, then sold ours 1-2-3! Do what you feel comfortable with but don't get yourself bound into a contract for sale of your condo that won't leave you enough time to find another home!
|
| Posted 7/1/05 1:40 PM |
| |
|
Eireann
Two ladies and a gentleman!
Member since 5/05 12165 total posts
Name:
|
Re: Buying and Selling
My sister is in the exact situation now. She is in contract on a house, but has not been able to find a seller for her co-op. The closing date on her new house must be on or BEFORE September 15, otherwise the sellers are imposing a $75/day fee for delay of closing...what a nightmare! Anyway, my DH is their attorney and begged them not to sign the contract yet. So, I'd have to say, sell the condo first!! If worse comes to worse, it's probably better to move in with someone for a brief time than to accrue some daily fee or worse--lose your down payment.
Message edited 7/1/2005 9:28:47 PM.
|
| Posted 7/1/05 2:17 PM |
| |
|
MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
|
Re: Buying and Selling
me neighbor did both at the same time. He was luck and looks like its working out for him. he put $ down on his new house and sold his current house within 2 wks of that.
|
| Posted 7/1/05 3:44 PM |
| |
|
ckdk
My girls
Member since 5/05 7027 total posts
Name:
Cheryl
|
Re: Buying and Selling
i found something then put my co-op on the market. Do you have a condo that is in a development in which the units are selling quickly? I knew I would have no problem finding a buyer for mine.
|
| Posted 7/1/05 4:43 PM |
| |
|
Susan
Loving Mommyhood!
Member since 5/05 2391 total posts
Name:
Susan
|
Re: Buying and Selling
Just went through this myself. I highly recommend SELLING your condo first and then buying, as stressful as it sounds. You do NOT want to be stuck paying two mortgages, I'm sure. GL! 
|
| Posted 7/1/05 4:53 PM |
| |
|
luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
|
Re: Buying and Selling
We did it at the same time....we found a house and made an offer...it was accepted and then we were like "now we have to sell the condo". We got the condo listed...and had an open house a few days later...we had 5 offers on the first day. Then....we had to wait for the sellers of the house we bought to find something which took a few weeks.
|
| Posted 7/1/05 5:09 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: Buying and Selling
Posted by Susan
Just went through this myself. I highly recommend SELLING your condo first and then buying, as stressful as it sounds. You do NOT want to be stuck paying two mortgages, I'm sure. GL!
that is what i am leaning towrds 
|
| Posted 7/1/05 7:03 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: Buying and Selling
thanks everyone
|
| Posted 7/1/05 7:04 PM |
| |
|
lorimarie
AHHHHHHHHHH!!!!!!!!!!!
Member since 5/05 3753 total posts
Name:
Lori
|
Re: Buying and Selling
I spoke to my agent about this and she said that there is usually a stipulation in the contract that says "sale contingent on seller finding a home".
How is your search coming????? If you are looking in East Northport I can FM you some houses for sale over by me - the schools are great (Northport) and our taxes are really low. Plus I'm 10-15 minutes from the Huntington train station (if you need to commute).
|
| Posted 7/2/05 9:56 AM |
| |
|
Eireann
Two ladies and a gentleman!
Member since 5/05 12165 total posts
Name:
|
Re: Buying and Selling
Posted by lorimarie
I spoke to my agent about this and she said that there is usually a stipulation in the contract that says "sale contingent on seller finding a home".
Not in NY. I say this because DH is a real estate attorney and because of the situation my sister is in which I related above (that's why their contract allows for unlimited extra time, but at a heavy price!). Think about it, if you were a seller would you ever sign a contract like this? You could potentially be waiting forever meantime forced to pass up other offers while the other people find a buyer!
|
| Posted 7/2/05 10:50 AM |
| |
|
ckdk
My girls
Member since 5/05 7027 total posts
Name:
Cheryl
|
Re: Buying and Selling
My contract stated that the sale of the house I was buying was NOT contigent upon the sale of my co-op. So if I didn't sell my co-op, I was still committed to buying the house.
|
| Posted 7/2/05 3:46 PM |
| |
|
sasha96
lovin' my 2 little ladies!
Member since 5/05 7401 total posts
Name:
Julianne
|
Re: Buying and Selling
my agent told me the same thing about the stipulation but after speaking to the lawyer I found out that that isn't true. They don't do that anymore. I'd check with your lawyer first if this is something you are counting on!
|
| Posted 7/2/05 5:08 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: Buying and Selling
Posted by sasha96
my agent told me the same thing about the stipulation but after speaking to the lawyer I found out that that isn't true. They don't do that anymore. I'd check with your lawyer first if this is something you are counting on!
I did check with a lawyer and 2 real estate agents...It is still done but i was told it would be better to sell first. Especially since we have my dads to go to if need be. SO i guess that is the route will will be going...
OH JEEZ sooooo stressful
|
| Posted 7/2/05 7:01 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Buying and Selling
I have a 2br co-op and are looking for a house.
But co-ops in my complex sell like hotcakes. Some of them sell same day.
I will NOT be putting in a clause in any offer i make on a house saying that i will only buy if i sell my co-op. Thats a weak offer IMO compared to others that don't have to sell anything.
My co-op will sell... so I am not worried. In fact i'll probably look to sell the co-op a month after i get the house so i have plenty of time to move out.
|
| Posted 7/4/05 3:01 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: Buying and Selling
Posted by DjPiLL
I have a 2br co-op and are looking for a house.
But co-ops in my complex sell like hotcakes. Some of them sell same day.
I will NOT be putting in a clause in any offer i make on a house saying that i will only buy if i sell my co-op. Thats a weak offer IMO compared to others that don't have to sell anything.
My co-op will sell... so I am not worried. In fact i'll probably look to sell the co-op a month after i get the house so i have plenty of time to move out.
Well i am putting the profit i make from my condo as my down payment! Yes we could go with putting 50K without selling but i would rather put 100K+ down ASAP. So that is contingent on selling this condo.
They are going like hotcakes here to but i am a worry wart and would rather have it done and over with i guess..Or at least have a contract!
But i agree someone putting abid in with a contingency to sell isn't favored.
|
| Posted 7/4/05 3:10 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Buying and Selling
Posted by Redhead
Well i am putting the profit i make from my condo as my down payment!
So am I. Thats why I am in the process of getting a home equity line of credit established on my co-op. They will loan me up to 80% LTV on the co-op which allows me to take out about 70k of equity.
Once I get the line of credit established... i can then make an offer on a house. I'll use the line of credit cash for the DP. Then when I sell the co-op... i'll just pay off the line of credit and the primary mortgage of the co-op at co-op sale closing.
Message edited 7/4/2005 4:38:45 PM.
|
| Posted 7/4/05 4:37 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: Buying and Selling
Posted by DjPiLL
Posted by Redhead
Well i am putting the profit i make from my condo as my down payment!
So am I. Thats why I am in the process of getting a home equity line of credit established on my co-op. They will loan me up to 80% LTV on the co-op which allows me to take out about 70k of equity.
Once I get the line of credit established... i can then make an offer on a house. I'll use the line of credit cash for the DP. Then when I sell the co-op... i'll just pay off the line of credit and the primary mortgage of the co-op at co-op sale closing.
interesting idea....thank you!
|
| Posted 7/5/05 6:50 AM |
| |
|
