I have a condo and my DP is comming from the sale of is.
But i am really nervous about the timing situation...Finding a house and selling mine
Has annyone done this ???
How did it go? Did you sell first? Did you find the house you want first???
IrishBride-05
Posted:
Member since
Re: Buying and Selling
Posted by oct.2004bride
WHo has done tis?
I have a condo and my DP is comming from the sale of is.
But i am really nervous about the timing situation...Finding a house and selling mine
Has annyone done this ???
How did it go? Did you sell first? Did you find the house you want first???
Well, I posted a week ago that we were buying a house and I had accepted an offer on my co-op. Since then it has all gone wrong. Not only did the first buyer on my place fall through but so has the back-up offer. The sellers of the house wouldn't wait another week and took another offer at the weekend, so we lost the house! Now I just want to get a buyer for mine so that I am in a better situation when we find something else. That's just my very bad experience. It didn't help that I have discovered my realtor is USELESS!!!
skew
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Member since
Re: Buying and Selling
although we are not in that position (we have nothing to sell), i would feel more secure selling before buying. if you can do both at the same time then great, but sometimes it doesn't always work out that way. i would put the house on the market and start looking. IF you receive offers i would tell them that you need 90 or so days to close.
nov04LIbride
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Member since
Re: Buying and Selling
It's so tricky to time it exactly. When we bought our condo, the sellers chose us because we could close more quickly than people needing to sell other properties.
My aunt and uncle recently sold in Smithtown to move. They found a home first, and wound up having to get a bridge loan in order to not lose the new home they found.
swags1016
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Member since
Re: Buying and Selling
I think you can put a provision in the contract that says something to the effect of contingent upon the sellers finding a new residence when it comes to closing dates. We were told this A LOT when we were looking. In fact the original house that we bid on we knew when we bid in March that we would not be able to get into the house before July because the other people were buying a house and the owners of that house couldn't move until then.
dengal
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Member since
Re: Buying and Selling
We sold a condo and moved into a newly constructed house. The timing was kind of hard to figure out ahead of time because we weren't sure when the house would be ready. First, I would try and get an idea of how hard it would be to sell your current place. Would it sell quick, would it take a while? In our case, I know I could sell our condo in two weeks if I had to.
I would then look around for homes with that in mind. If you find a buyer before you find a home, find out what their situation is. Perhaps they are renting (like our buyers) and can be flexible with a closing date. Perhaps a delayed closing might be good for them (to save more money). If this is the case, then you can work out the timing once you find a new home. If we sold the condo before the house was ready, we would have put our stuff in storage and would have shacked up with friends or family.
DjPiLL
Posted:
Member since
Re: Buying and Selling
If you know you have a hot co-op/condo and can sell it at a moments notice... maybe its better to do a re-fi right before you sell and pull out all the equity.
Then use that cash for DP to the new house. Then go out buy the house and sell your co-op at the same time. You shouldn't have to have any contingencies in your buying of your house to sell your co-op.
Just buy the house... and carry the co-op simultaneously for a month.
