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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
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Selling your old home, buying a new one
Who has done this recently: sold your home and used the equity to purchase a new one?
How did you do it- meaning...did everything happen to fall into place and both closings happened around the same time, or did you sell first, move somewhere temporarily (where?) and then buy? Did you carry two mortgages?
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Posted 5/12/06 9:23 AM  |
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kriss2c
LIF Toddler
Member since 5/05 416 total posts
Name:
Kristen
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Re: Selling your old home, buying a new one
DH and I just did this. Unfortunately, we were buying a new construction so it was not ready when we closed on the sale of the first house (January). We stayed at a friend's vacation home in the Poconos (DH and I both commute to NYC - metro area) - that was not fun, but I am so thankful that our friend allowed us the use of the house. We finally got into the new house last month.
Message edited 5/12/2006 9:28:52 AM.
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| Posted 5/12/06 9:27 AM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Selling your old home, buying a new one
We did this. We had both closings on the same day...moved out of one place and into the other on the same day....
As for the finances...I used funds from my HELOC on my original home for the DP. I gave 10% at contract time.
On closing day...I didn't need any additional funds because the $$ from the sale covered the closing costs and anything else needed on the purchase home.
I went to the closings by myself, and I left DH at home directing the movers.
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| Posted 5/12/06 9:36 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: Selling your old home, buying a new one
Posted by luvsun27
We did this. We had both closings on the same day...moved out of one place and into the other on the same day....
As for the finances...I used funds from my HELOC on my original home for the DP. I gave 10% at contract time.
On closing day...I didn't need any additional funds because the $$ from the sale covered the closing costs and anything else needed on the purchase home.
I went to the closings by myself, and I left DH at home directing the movers.
Kim - did you put your house on the market first or did you find your new house first?
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| Posted 5/12/06 9:41 AM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Selling your old home, buying a new one
Well...it all happened so fast. We did not go out with the intention of buying a house...we went to an open house with the intention of seeing what's out there in the marketplace in our price range. We got to the open house, and we hated the house. On the way home...we saw a sign on the corner for another open house, so we went. This house was bigger and more $$ than we could afford. The agent started talking to us and we told him our price range and such. He said there was another open house around the corner (also his listing) for something in our range...so we went there. On the walk-through...DH fell in love with the house. This was Sunday at around 4pm. He tells me on the way home...we have to put a bid on the house now or we will lose it. So...at around 6pm, I called the realtor with an offer....
Monday...they called and said we got the house. So..now we had to sell our condo. We listed it that Thursday, and had an open house on Sunday (1 week later). Sunday...we got 3 offers on the condo. Monday we picked on and we were in contract for both places within a week.
Sorry for my long post...but, I knew our condo was going to sell fast...it was in mint condition, needed no work and showed nicely. If your home is in the same type of condition, you should probably sell it quickly.
We could not have afforded the new house if we didn't sell the old one...so it was important that we sell the condo before we went into contract on the new house. We then had to wait for the sellers of the house to find a new one....
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| Posted 5/12/06 9:47 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: Selling your old home, buying a new one
Haha that sounds like something my DH would do!
Thanks for the info...it's interesting to know that they accepted your offer even though you had a condo to sell.
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| Posted 5/12/06 9:50 AM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Selling your old home, buying a new one
Posted by BabyAvocado
Haha that sounds like something my DH would do!
Thanks for the info...it's interesting to know that they accepted your offer even though you had a condo to sell.
I think they did so, becuase they also had to find something new....however, it took them longer to find something than we expected. But..in the end, everything worked out.
Where are you looking to move to?
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| Posted 5/12/06 9:59 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: Selling your old home, buying a new one
Posted by luvsun27
I think they did so, becuase they also had to find something new....however, it took them longer to find something than we expected. But..in the end, everything worked out.
Where are you looking to move to?
Ideally, we'd like to stay in the Massapequa/Seaford/Wantagh area which is where we are now. We just want a bit of an upgrade. But we've also been looking east (like Holbrook) and north (like Kings Park). We are all over the place! 
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| Posted 5/12/06 10:02 AM |
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Kathy116
Hey baby!
Member since 6/05 1855 total posts
Name:
me
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Re: Selling your old home, buying a new one
Posted by BabyAvocado
Posted by luvsun27
I think they did so, becuase they also had to find something new....however, it took them longer to find something than we expected. But..in the end, everything worked out.
Where are you looking to move to?
Ideally, we'd like to stay in the Massapequa/Seaford/Wantagh area which is where we are now. We just want a bit of an upgrade. But we've also been looking east (like Holbrook) and north (like Kings Park). We are all over the place!
Are you thinking of forgetting the remodel and just selling?
Good luck with whatever you choose 
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| Posted 5/12/06 10:07 AM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Selling your old home, buying a new one
Posted by BabyAvocado
Ideally, we'd like to stay in the Massapequa/Seaford/Wantagh area which is where we are now. We just want a bit of an upgrade. But we've also been looking east (like Holbrook) and north (like Kings Park). We are all over the place!
I grew up in Holbrook...hoping to be able to move back there someday 
Good luck in your search!
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| Posted 5/12/06 10:13 AM |
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ODonnell
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Member since 9/05 5983 total posts
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Re: Selling your old home, buying a new one
I closed on the sale of my co-op on a Thursday and we closed on the purchase of our house on the Friday. We were given a grace period of 3 days to stay in the co-op before the new owner could take possession (you should make sure you get that written into the sale contract of your home too) but moved out on the Saturday.
We had a roller-coaster ride selling and buying during the very height of the market last year. We found the house we wanted to buy first and then I got a buyer for my co-op but the purchase of the house went stale, so I actually went to contract on the sale of my co-op first. Then we lost out on numerous bids for other houses over a period of a month and I was getting very worried. Eventually we won the bid on our house, but not without a few sleepless nights.
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| Posted 5/12/06 11:49 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Selling your old home, buying a new one
Posted by BabyAvocado
Who has done this recently: sold your home and used the equity to purchase a new one?
How did you do it- meaning...did everything happen to fall into place and both closings happened around the same time, or did you sell first, move somewhere temporarily (where?) and then buy? Did you carry two mortgages?
i did....and no it didn't fall into place...
trying to sell and buy and have it go together is very difficult IMO...
we are still looking for the house we want..
Our condo sold quickly
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| Posted 5/12/06 11:55 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: Selling your old home, buying a new one
Posted by Kathy116
Are you thinking of forgetting the remodel and just selling?
Good luck with whatever you choose
Yes. We found out that we can't really do what we want done and have it look right. 
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| Posted 5/12/06 2:09 PM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Selling your old home, buying a new one
We're going through this RIGHT NOW! We made an offer a few weeks ago on a house. The second the inspection went through we put our house on the market. We got two offers on that same day and accepted one of them. They're doing the inpsection tomorrow, and hopefully after that, the contract will be signed.
We're closing on the new house June 7, but the new place needs a total gut, so we asked the buyers of our current home if we could set a closing date for late July, giving us two months to carry both mortgages, and do all the renovations. Our closing/moving date is July 28.
In the meantime we took out a home equity line on our current home and will use that to cover the downpayment on the new house, the renovations and will cover the double mortgage for 2 months. At closing we'll make a nice profit and will use that money to pay off the equity line.
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| Posted 5/12/06 2:14 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Selling your old home, buying a new one
Posted by Redhead
Posted by BabyAvocado
Who has done this recently: sold your home and used the equity to purchase a new one?
How did you do it- meaning...did everything happen to fall into place and both closings happened around the same time, or did you sell first, move somewhere temporarily (where?) and then buy? Did you carry two mortgages?
i did....and no it didn't fall into place...
trying to sell and buy and have it go together is very difficult IMO...
we are still looking for the house we want..
Our condo sold quickly
Same story here- its really frustrating since we have found a few houses we want and lost out on all of them. We have a month and five days to be out of our condo so if we don't find a place by the weekend, Residence Inn it is.
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| Posted 5/12/06 5:46 PM |
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Selling your old home, buying a new one
Trying to sell our house to buy a new one. The hard part id keeping the house clean with 2 little ones!
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| Posted 6/4/13 8:27 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Selling your old home, buying a new one
So funny just read through this entire post and realized it had been bumped from 06 when I got to the bottom
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| Posted 6/4/13 9:24 PM |
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CunningOne
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Member since 5/05 26975 total posts
Name:
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Re: Selling your old home, buying a new one
Posted by JandJ1224
So funny just read through this entire post and realized it had been bumped from 06 when I got to the bottom
I know, me too! Jenny needs to stop yapping!
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| Posted 6/5/13 1:26 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: Selling your old home, buying a new one
Posted by CunningOne
I know, me too! Jenny needs to stop yapping!
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| Posted 6/6/13 9:27 AM |
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