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Nino
LIF Infant
Member since 9/13 60 total posts
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thanks
Message edited 10/29/2013 2:13:10 PM.
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Posted 10/21/13 6:18 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
Posted by Nino
We would like to sell our coop and buy a house, but we have no idea how we can even do this. Meaning we can't buy until we sell , and we can't sell until we have found something , because we can't afford 2 mortgages, or at Least not too long. Maybe a month, OR two tops.
We talked about it yesterday and one option we discussed was selling and renting month to month until we find a house and buy . But I just hate the thought of renting again (we bought the coop almost 4 yrs ago) and the thought of packing, unpacking , packing again and unpacking again once we find a house. Plus it will be tough for the kids too. So many changes. Now that we are seriously doing this I am getting really stressed out .
If you have done the selling and buying , how did you do it?
Find a short term rental. You will be better off. Less stress in the end because it doesn't put the pressure of HAVING to find a house right away. it also puts you in a financially stronger position to get a better deal on the house you are buying.
You could try to schedule two closings together, but that will be difficult. If you need something "nice" in the interim, find a whole house rental.
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| Posted 10/21/13 6:51 PM |
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
I work with a lot of people who are selling condos/co-ops and looking to purchase a home. Unfortunately, although it's inconvenient, most of them have to move to an interim place (and often put some stuff in storage) in between selling their condo or co-op and moving into their new house.
It's very difficult to line up a sale and a purchase. First, most people can't buy a house (get a mortgage) unless they sell their existing property. And it makes your offer on a house very unattractive if it's contingent on the sale of something else. Most sellers won't even consider an offer unless you are at least in contract on your current home (and they usually want your buyer to already have their mortgage commitment). And once the buyer of your condo/co-op has a mortgage commitment, the clock is ticking for the closing, and you have limited time to find a house. Even if you found a house right away, it would still take a couple of months to close on it. But most buyers don't want to be pressured into picking a house because time is running out. It's a big decision!
So I have clients now who are selling a Queens co-op and I just found them a short term rental on Long Island (but they can be hard to find). I recently had clients sell a LI co-op and move in with family for a few months until they closed on their new house. It's not ideal, but it's usually necessary!
Sometimes you can work it out so that it lines up, but it's rare. I sold a couple a house this summer who was selling their condo. Their buyer was living at home and was ok with having a bit of an extended close. So that was negotiated upfront with the buyer of the condo... that they would wait to close until they were able to close on the house. Because they had to close on the condo first, the buyer had to agree to let the sellers continue living in the condo for a few days after closing (so they could then close on the house and move). But 99% of the time, it doesn't really work out that way. They were just lucky!
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| Posted 10/21/13 7:00 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Is there anyone here who sold a coop/condo and bought a house? How did you do it?
Also in this selling market if I were to get a buyer who was giving me top dollar for my house (which is very possible these days), I would be HAPPY to get out. The last thing I want to do is inconvenience a buyer who is giving me top dollar or maybe even above market on my house.
Show me the cash and I'm outta here. I've done the short term rental thing twice, and I'd do it a third time if I had to.
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| Posted 10/21/13 7:07 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Is there anyone here who sold a coop/condo and bought a house? How did you do it?
We found our house, got into contract THEN listed our coop.
We had to prove to the bank that we could carry both for at least 6 months financially.
Luckily we sold our coop quickly and closed on the house in July and coop in August but it was still stressful thinking we would have 2 mortgages.
That said if you cannot show the bank that you can carry both for 6 months (some places want a year) then you should sell coop and rent--or at least get into contract with coop and then seriously look at houses.
Good luck!
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| Posted 10/21/13 9:02 PM |
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CanThsBit
LIF Toddler
Member since 11/10 451 total posts
Name:
Kina
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
We just did this. We bought our condo 5 years ago, sold it in April 2013 did a month to month lease and just moved into our house in Oct. Honestly it was the best way for us, I didn't feel rushed into finding something & we've been looking for a longgg time. And since we knew we weren't going to stay in the rental for too long we literally just unpacked the necessary items such as, sheets, clothes, towels & shoes. We ate off of paper plates for the 6 months. And what we did was we rented a 3 bedroom and had the extra bedroom with all of our boxes / things not unpacked (it was cheaper than renting a storage unit)
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| Posted 10/21/13 9:43 PM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
Posted by DiamondGirl
We found our house, got into contract THEN listed our coop.
We had to prove to the bank that we could carry both for at least 6 months financially.
Luckily we sold our coop quickly and closed on the house in July and coop in August but it was still stressful thinking we would have 2 mortgages.
That said if you cannot show the bank that you can carry both for 6 months (some places want a year) then you should sell coop and rent--or at least get into contract with coop and then seriously look at houses.
Good luck!
We did the same thing,we went into contract on the house, and put the apartment on the market. We closed on the house in November, and closed the sale,of the apartment in feb. We needed time to renovate the house and move out. We had kids as well. The bank allowed it because we had 20% down and extra cushion without having to sell the apartment. I would never do this again  we got lucky the house was done by jan 1. And we sold the following month. Def rent a place or move In with parents if you can.
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| Posted 10/21/13 10:03 PM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
Posted by ave1024
Also in this selling market if I were to get a buyer who was giving me top dollar for my house (which is very possible these days), I would be HAPPY to get out. The last thing I want to do is inconvenience a buyer who is giving me top dollar or maybe even above market on my house.
Show me the cash and I'm outta here. I've done the short term rental thing twice, and I'd do it a third time if I had to.
We are in the same area, you see how many homes are for sale? I think now is the time to sell! There is nothing available here, it's crazy
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| Posted 10/21/13 10:12 PM |
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femalej
LIF Adolescent
Member since 7/11 833 total posts
Name:
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
how the timing worked out for us...
we sold the coop, moved all our stuff into storage (sucks, but its better than setting up in a rental just to move again) and moved the bare necessities to our families house where we stayed rent free.
closed on the house.
now we are just doing some work before we can officially move and get our stuff out of storage!!
good luck!
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| Posted 10/22/13 11:54 AM |
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shapla79
Where Does The Time Go?
Member since 11/07 4619 total posts
Name:
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
We listed our condo and then put an offer on a house. We sold the condo a few months before we closed on our house. For the two or three month gap in between, stuff was thrown into storage in two people's garages, and we found a temporary place to stay (SIL's place) until we closed on our house.
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| Posted 10/22/13 12:01 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
Posted by Onemoretime
Posted by ave1024
Also in this selling market if I were to get a buyer who was giving me top dollar for my house (which is very possible these days), I would be HAPPY to get out. The last thing I want to do is inconvenience a buyer who is giving me top dollar or maybe even above market on my house.
Show me the cash and I'm outta here. I've done the short term rental thing twice, and I'd do it a third time if I had to.
We are in the same area, you see how many homes are for sale? I think now is the time to sell! There is nothing available here, it's crazy
I smile ear to ear every time I see houses being posted "under contract" weeks after they listed. And some of the sales prices are insane. Even the dumps and the houses on the main roads are selling. I have a larger house for my zip code and the comps for some of the larger colonials that sold recently are CRAZY. I almost want to cash in my chips, pack up and leave.
But of course the problem with that is finding a place to live. I just hope the housing values stay this good. I think they will as I don't see the economy tanking anytime soon.
If I were to sell my house, the next logical step would be looking for a house in areas like Woodbury/Syosset/Jericho/Roslyn/etc, and frankly I don't want to increase my monthly payment. Those houses would likely be in the 1 mil range, so I am staying put for now and sitting on my equity.
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| Posted 10/22/13 12:14 PM |
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LovesMike
LIF Adult
Member since 8/10 978 total posts
Name:
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
We sold our co-op and then rented a co-op nearby for 2 years while we house-hunted. We thought it was going to happen quickly for us, so our landlady knew and after the first year was flexible and said if we gave her 2 months notice, we could leave as needed, but we ended up needing the whole 2 years, and then some. We actually moved in with my parents for 2 months.
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| Posted 10/22/13 12:21 PM |
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AKD
LIF Adult
Member since 1/12 2637 total posts
Name:
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
We did this. We sold our co-op before we found a house --- so we sold the co-op (because it was almost impossible to get anyone to agree to a contract that said the purchase of home is dependent on us selling our co-op). So we decided to sell our co-op first and once we had a closing date set on that, we went fast and furious on finding a home.
It was about 3 months in between this process - we ended up staying w/ my parents during the time.
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| Posted 10/22/13 1:38 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
I do trade up sales all the time
I list the first house
take my sellers out looking so we are ready when we get an offer
Get an offer on the first house
put an offer on the purchase
close on both with in a day or 2 of each other
it's not something I think every agent can do- but I do it- I am closing on a back to back sale/purchase next week
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| Posted 10/22/13 3:40 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
We sold our townhouse quick, moved in with in-laws planning to only be there a few months until we found a house. Ended up being a year! It was fine though, we ended up trying to buy at a crazy time in the market earlier this year in FL. We put in over 25 offers on different homes, kept getting beat out by cash offers. Finally got lucky and got the house we have now in July.
IF you can live with family, I'd do it, it was great saving money that year and paying off debt, we were able to get approved for a lot more $$ within that time too. There was also no stress of buying/selling at the same time, there was other stress b/c of the market but at least we didn't have to rush to find something just b/c our house was selling by a certain date...
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| Posted 10/23/13 11:24 AM |
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JAPH23
LIF Adolescent
Member since 10/13 769 total posts
Name:
:)
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
The thought of selling was stressful enough. We sold, rented and then bought a house.
ETA: it sucks to have to pack up and move twice but in the end it was absolutely worth it.
Message edited 10/23/2013 12:46:40 PM.
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| Posted 10/23/13 12:45 PM |
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
Those of you who sold and moved into a short term rental while waiting for closing : how did you deal with the delivery of mail?
In a few months, we will be in this exact same situation (selling our house while buying another one) but I get a ton of packages delivered to our house..Do we rent a PO box and re-direct all mail and packages there or do a Forwarding slip to the new home? what did you guys end up doing?
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| Posted 10/23/13 2:14 PM |
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JAPH23
LIF Adolescent
Member since 10/13 769 total posts
Name:
:)
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
Posted by EclecticEsq10810
Those of you who sold and moved into a short term rental while waiting for closing : how did you deal with the delivery of mail?
In a few months, we will be in this exact same situation (selling our house while buying another one) but I get a ton of packages delivered to our house..Do we rent a PO box and re-direct all mail and packages there or do a Forwarding slip to the new home? what did you guys end up doing?
Forwarded mail to the new rental through USPS, you can do it online for $1... and also went to my accounts online and changed as much as I could.. Then did it again when we moved to the house.
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| Posted 10/25/13 9:27 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is there anyone here who sold a coop/condo and bought a house? How did you do it?
Posted by EclecticEsq10810
Those of you who sold and moved into a short term rental while waiting for closing : how did you deal with the delivery of mail?
In a few months, we will be in this exact same situation (selling our house while buying another one) but I get a ton of packages delivered to our house..Do we rent a PO box and re-direct all mail and packages there or do a Forwarding slip to the new home? what did you guys end up doing?
I got a UPS mailbox and I forwarded there. Did UPS vs. USPS so its easier to accept packages/parcels.
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| Posted 10/25/13 1:35 PM |
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