House Purchasing Questions

So DH and I spent today making our condo sparkle for the realtor to come and take pictures tomorrow. We are so excited and so nervous though.

Ladies who sold a home and then purchased a new one how did you go about it? Did you wait to make an offer on a home until your primary residence was sold? We are already seeing homes that we LOVE and don't want to risk losing them if our condo hasn't sold yet. How did you all do this?

Thanks!

Re: House Purchasing Questions

We didn't have to deal with the selling aspect. But I would highly recommend you go through your finances and see if you can afford two mortgages for a couple of months if you do make an offer and the sale of the house goes quickly and the condo doesn't get sold as fast.

Other questions to ask yourself are Are you looking for $$ for the condo to go towards the sale of the house? How has your neighborhood been selling?

Our closing took about 4 months until we actually got into the house.

The engineers report, the banks, the lawyers, the real estate they all have a part in selling and buying a home.

It's a process that's all I can say lol but when it's yours it yours!

Good luck Laur I hope everything works out for you guys:)

Re: House Purchasing Questions

one thing to consider is that a bank may not approve you for financing until you have a contract of sale for your condo. banks have become much more stringent about those things lately.

Re: House Purchasing Questions

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Posted by Clover23

one thing to consider is that a bank may not approve you for financing until you have a contract of sale for your condo. banks have become much more stringent about those things lately.

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we spoke with our mortgage broker and he said based on our finances his 'people' said we'd be ok as far as that goes. But we def. thought about that too!

Re: House Purchasing Questions

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Posted by MrsDrinkh20

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Posted by Clover23

one thing to consider is that a bank may not approve you for financing until you have a contract of sale for your condo. banks have become much more stringent about those things lately.

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we spoke with our mortgage broker and he said based on our finances his 'people' said we'd be ok as far as that goes. But we def. thought about that too!

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Get a pre-approval before you go looking for a house. Most people won't take an offer without one. Also, if you can't pay two mortgages I wouldn't put an offer on any house until you have serious buyers interested in your condo.

Re: House Purchasing Questions

I was always told to make sure you have an accepted offer on your house before making an offer on your new house. You don't want to get into a new house and then have your old one sit on the market for a year. Sorry don't want to be a debby downer but you don't want to get stuck.

Re: House Purchasing Questions

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Posted by alli3131

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Posted by MrsDrinkh20

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Posted by Clover23

one thing to consider is that a bank may not approve you for financing until you have a contract of sale for your condo. banks have become much more stringent about those things lately.

---

we spoke with our mortgage broker and he said based on our finances his 'people' said we'd be ok as far as that goes. But we def. thought about that too!

---

Get a pre-approval before you go looking for a house. Most people won't take an offer without one. Also, if you can't pay two mortgages I wouldn't put an offer on any house until you have serious buyers interested in your condo.

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Our broker is getting our preapproval letter to us by tomorrow. We have to sit down and really examine whether or not 2 mortgages is possible. We are toying with the idea of trying to rent it if it isn't sold when we want to make an offer. Not sure what to do!

Re: House Purchasing Questions

DH & I are in the end process of purchasing our 1st home........and it is taking FOREVER to close
They keep pushing in back every week. Anyway, we are coming in as former renters so I don't have advice on your question directly BUT I do want to offer some advice. DH& I were searching for 13 months & we lost 3 homes w/in the process and I can promise you, we loved all 3 and LOVE the one we are closing on. I know it can become an anxious process, but there are sooooo many houses out there! Some times you'll go a week or two w/out finding one you like & then next thing you know you find 1 or 3 and have to make a decision. Good Luck on the process and feel free to FM if you have any specific ques about the house hunting, etc. I honestly think DH & I are practically experts at this point