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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Buying a home and selling your current home - how do you do this?
So we are thinking of buying a new bigger home soon (in a year or so but that seems soon to me)
How does this work? Do you try to sell your home first and then hope to find one to buy after that?
We will have to put alot of stuff (aka crap) into storage before showing our home
I am just trying to figure out the logistics of all of this
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Posted 1/7/10 12:48 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: Buying a home and selling your current home - how do you do this?
We put our house up last February. We only looked online at homes for sale, and never REALLY looked in person, because we didn't know how long it would take to sell our house and didn't want to get our hopes up. We had an offer in April and literally the next day began our hunt. I was worried about being held up with our sell, and not being able to close on our buy.
In the end, we closed on time with our sell, and NOT with our buy, as there were HUGE delays with COs, luckily it wasn't the other way around since we needed to sell to buy the new house.
Good luck!!!
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| Posted 1/7/10 12:56 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Buying a home and selling your current home - how do you do this?
The order depends on the market. In this market, you definitely need to sell your house first as virtually no one will even hear an offer unless you're in contract.
In the meantime, define your requirements and desired area, hit the open houses when they come up to begin getting an idea of what you're really looking at. Sign up to get emails for all the new listings, etc. Basically, do all your footwork so that when things actually happen you're ready to move on the purchase.
Good luck!
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| Posted 1/7/10 1:20 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Buying a home and selling your current home - how do you do this?
Definitely get your house sold before you buy a new one!
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| Posted 1/7/10 2:16 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Buying a home and selling your current home - how do you do this?
I sold my house first. Make sure you start looking for mortgage because that is the hard part. I Lucked out because I got approved for a mortgage within a month.
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| Posted 1/7/10 5:49 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Buying a home and selling your current home - how do you do this?
ALWAYS sell your house first. I cannot count the number of people struggling to sell a house and they already bought their new house.
You are never guaranteed of a sale.
Don't put yourself in a situation where you have to pay 2 mortgages.
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| Posted 1/7/10 5:54 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Buying a home and selling your current home - how do you do this?
I would sell your house first - because if you find something you want to buy and you still own your house, it is a gamble for you to buy the new house and have to worry about how long it will take for you to sell your existing house. The market is really bad right now, but if you price your house right and go with the comps in the area I am sure you will be able to sell your house
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| Posted 1/7/10 6:39 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: Buying a home and selling your current home - how do you do this?
I know two different couples that are stuck with 2 mortgages because they can't sell their old house.
One moved to Commack and has been paying for their old house for 3 YEARS. I can't even imagine!!!!!!!!
The other is in Jersey, built a new construction and cannot sell their old one--this is also going on 2 years...
Its crazy, def sell first! Once you're in contract, start looking. Your closing date is always moveable!
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| Posted 1/7/10 7:22 PM |
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Kristin616
Member since 8/06 3595 total posts
Name:
Kris
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Re: Buying a home and selling your current home - how do you do this?
We did not want to get stuck with two mortgages and w/ the way things are selling in this market we chose to sell then buy.
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| Posted 1/7/10 10:00 PM |
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ko123
My loves!
Member since 10/07 3002 total posts
Name:
Kristin
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Re: Buying a home and selling your current home - how do you do this?
We were/are in the same situation. We put our co-op on the market and started house hunting. Sellers wouldn't even counter our offers knowing we had another property to sell though. After about 8 months we got an offer on the co-op, sold it and are now renting temporarily while we continue the house hunt.
Having the co-op off our backs has definitely made us more attractive buyers.
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| Posted 1/8/10 10:24 AM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Buying a home and selling your current home - how do you do this?
Posted by ko123
We were/are in the same situation. We put our co-op on the market and started house hunting. Sellers wouldn't even counter our offers knowing we had another property to sell though. After about 8 months we got an offer on the co-op, sold it and are now renting temporarily while we continue the house hunt.
Having the co-op off our backs has definitely made us more attractive buyers.
Same here, we have a condo we want to sell first. then either rent or live w/ family while we look for a house. we have the cash to buy a home so we don't need to sell the condo, but it would be a burden to have both
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| Posted 1/8/10 2:39 PM |
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