So, here's the situation: I live at home. The FH owns a co-op in Bayside which is now on the market. He thinks we'll need to rent for 6-12 months b/c having a smooth transition from selling to buying doesn't usually happen. I am totally opposed to renting b/c I've heard nightmare stories and renting is not cheap. Plus I don't think we'll need that much time to rent, but I know you can't break your lease early.
Have any of you girls been in this situation, or know someone who has?
I mean worst case scenario the FH can stay here for 1-2 months @ my parents' house..
TIA!
CristinD83
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Re: Span between selling & buying?- NWR
If your parents are okay with it, he may be better off staying with your guys for a little while. Me & FH went back home after being in our own apartment bc we plan on buying a house. Its crazy to rent for the interim, think about how much money you'll save in 6-12 months for the house instead of throwing it into rent.
kitkat82
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Re: Span between selling & buying?- NWR
We're looking for a house to buy and I plan on staying at my rents house until then and he will probably stay with me. he wanted to rent but I was worried about the same thing.... breaking the lease early, etc. Also, i feel like we need all the money we can keep to buy a house and I hate the idea of just giving money away to rent. But also, I understand how fh wouldn't want to stay with your rents because my fh isn't really thrilled with the idea. And also, couples need private time, where there is a limit to that in someones parents house. So, really its whats more important.. money to spend on a house or your alone time together.
FutureWifey
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Re: Span between selling & buying?- NWR
A co-op in Bayside can be on the market for a year without any movement. Depending on how things go, you can sit there for a month and sell.. or your co-op will sit for quite some time. The downside is that they are so hard to sell, but the location is great. Just don't rent because there's no way to estimate how long it'll be.
bigday1114
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Re: Span between selling & buying?- NWR
my friend had her coop on the market for 2 years and finally sold. the coop association had her locked into a price which was high for this market...she's very lucky!! She rented for 6 months before selling....
My husband has a 3 bedroom condo he wants to sell or rent in oceanside....luckily he can control the offer price but still a hard time to sell.. ugh.
silyss
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Re: Span between selling & buying?- NWR
The whole issue is that we are debating between buying a townhome now, or waiting approx. 2 years, rent, and then save up to buy a house.
I am so confused-- I don't know what to do!
MrsDrinkh20
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Re: Span between selling & buying?- NWR
We are in the middle of the 'not smooth transition' right now. Our seller's had been saying all along that we would close mid december and move in. Then they changed their tune to say that they wanted to stay in the house for christmas but would be out by the 28th so we could be in by New Years. This was fine. After getting these updates and makign sure we were still on track, we rented out the condo we currently own as of January 1st. Last week our seller's decided that they couldn't be ready to move out until around January 10th leaving us homeless. Two days ago they extended that to January 21st. Definitely don't rule out the thought of renting or at least have somewhere to stay because with 4 days until we are supposed to move out, we don't know where we will be moving to!
CosmoLover
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Re: Span between selling & buying?- NWR
cant you get a bridge loan? my former co worker lived in Queens and sold her home, while waiting for the funds from that sale to buy her new house in Oceanside..she got a bridge loan so that the money from the Queens sale was applied toward the purchase price of the Oceanside home...seems to me that banks are familiar with these loans,
silyss
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Re: Span between selling & buying?- NWR
Oh I see...
Do you know if the $ went towards the down payment? We would need the $ from the Queens co-op to be used towards the down payment.
CosmoLover
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Re: Span between selling & buying?- NWR
Yes, you can use the downpayment as part of the loan
