We have to sell our Co-op in order to buy anything else....how does this change the search process?

I fell in love with a house over the weekend. We stand to make close to 350,000 from the sale of our apartment......Due to recent renovations in our own apartment, paying off debt, and buying a car(all cash) we stupidly depleated our savings!

How can we do both?

Re: We have to sell our Co-op in order to buy anything else....how does this change the search process?

We sold our coop last February (2007) after being on the market longer than we expected. We ended up closing on our house in September and had to pay 2 mortgages for October-February - OY VEY!

Don't do it to yourself. The market is most definitely a buyers market right now and there will be a lot more on the market in the spring/summer. As much as you love this house unless you can sell your coop in 90 days (the approx time it takes to close on a house) you will end up stuck with 2 mortgages...

As much as you love this house you should at least have a Contract on your coop before making an offer....

Re: We have to sell our Co-op in order to buy anything else....how does this change the search process?

I wouldn't buy anything until I had an accepted offer on the first place. We recently sold our townhouse and bought a house, but we didn't make an offer on anything until we had an offer on our townhouse. Before we put our townhouse on the market we saw some houses that we loved, but we waited and now I'm so glad that we did because I love the house we're in now soooo much more than the first houses we saw. It seems like things are sitting on the market for a long time now so I wouldn't want to take the chance of being stuck with 2 mortgages.

Re: We have to sell our Co-op in order to buy anything else....how does this change the search process?

i agree about waiting until you have an offer on your co-op before you put in an offer on a house. i was just talking with a realtor this weekend and she mentioned that it can be a turn off to some sellers if you put a conditional bid on a house (must sell yours before you can buy) only b/c of how the market is right now.

good luck!

Re: We have to sell our Co-op in order to buy anything else....how does this change the search process?

def wait until your co-op has an offer. Unfortunetly, this is an extremely tough market for sellers. If you are in a rush to get out, price your co-op to sell. Also, just FYI, make sure your co-op board is aware and available. Sometimes once you have an offer, it can take a while to go to contract because of board requirements.