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Selling / Buying House at same time

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Selling / Buying House at same time

Old 01-19-2015, 09:10 AM
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anyone done this lately and have any tips or tricks?

We have some equity in the current house, unfortunately that is also the majority of the "cash" we need to buy the new house (closing cost, etc) Will lenders work with you to roll that into new mortgage?

we may have to look at other options, like selling current house then renting for awhile....

just trying to move this along, as new house comes before new boat :-)
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Old 01-19-2015, 09:19 AM
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Originally Posted by Reel Irie View Post
anyone done this lately and have any tips or tricks?

We have some equity in the current house, unfortunately that is also the majority of the "cash" we need to buy the new house (closing cost, etc) Will lenders work with you to roll that into new mortgage?

we may have to look at other options, like selling current house then renting for awhile....

just trying to move this along, as new house comes before new boat :-)
As a realtor, I have dealt with this a few times. Bridge loan or a contingency of occupancy until you settle on the new place. If you want to buy your new house before selling yours, bridge loan. Don't try to sell your house and plan on finding and moving into it before you settle on yours/settle the same day. That never ends well, and really tends to be bad for marriages.

It kinda depends on what price range you are working in. If anything over $400 or so, I would look for a furnished rental, and leave your home vacant. Have an interior decorator/stager come in to consult as to whether your place would show better with your furniture in it, or empty. If empty, put your stuff in storage.

Start looking at houses, as you can put a contingent offer in. It will be a weaker offer, but I am not sure how the market is in Clearwater.

There are so many variables, different ways to go about this. My basic advice is be realistic and plan for the 'worst'. To me, a little bit of spent/lost money in the interim is worth it for peace of mind for myself and my family that you will not get stuck between a rock and a hard place and stuck in a Red Roof Inn for a few weeks.
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Old 01-19-2015, 09:28 AM
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I currently am listing agent and owner of a house selling to a buyer That needs to sell their house first. Happens all the time. It definitely complicates things, but a buyer is a buyer and if I waited around for the perfect contract I'd never sell anything.

In my case, it didn't bump the close out too far, and they have an active contingent contract on their home. Their home is very nice and will act as a comp for mine, both are similar floor plans in same neighborhood. Most importantly, I'm ratified at 98% of ask.

Know that if you are making contingent offers on sale of your home, you will have to come strong.
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Old 01-19-2015, 09:35 AM
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Most people that own a home need to make buying the new home contingent on selling their current home. I see it all the time so it should not be that big of a deal.
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Old 01-19-2015, 09:52 AM
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you have to sell before you can buy.

Last edited by Garett; 01-30-2015 at 04:19 PM.
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Old 01-19-2015, 10:27 AM
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Originally Posted by fishingfun View Post
Most people that own a home need to make buying the new home contingent on selling their current home. I see it all the time so it should not be that big of a deal.
Eh, not that simple. In a strong market, yes. 4 years ago I often advised not to touch a contingent offer, depending on looking at their house in person and checking out the pricing. Now, the market isn't as bad, but it certainly is not a sellers market. It is starting to come back, but it is still fragile. A lot really depends on the individual house looking to sell, and the house looking to buy.
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Old 01-19-2015, 10:33 AM
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Yes, it is done all the time. As said above, more complicated but I have run many transactions like this.

Find a good Realtor with experience and do not over-price your current home.
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Old 01-19-2015, 10:47 AM
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Thanks for the good info .. I am talking to my bank tomorrow, to see if financially it is possible, then I guess my next step is to find a listing agent to sell my house?

Should I only submit offers on the new house once I have a contract on mine?
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Old 01-19-2015, 10:48 AM
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It's been a long time since my last move but I agree that "contingent" contracts are common. However, we signed a "non-contingent" contract in order to get our builder to honor a older/lower price. I still had to sell my house but had done enough research to know that I would be able to keep it as a rental if needed. I then got a contract on my first house from a lady who was living with her brother. She didn't have a house to sell AND would let me rent it back if my new home wasn't finished on time. Since the terms were SOOOOO convenient for me, I agreed to the lower offer she made on my home.

In hindsight, I wish I never sold that first house. I was 26 at the time and wasn't looking forward to 2 house payments.....however the rental income I would have gotten (and still be getting) would have been HUGE!
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Old 01-19-2015, 11:26 AM
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Originally Posted by Reel Irie View Post
Thanks for the good info .. I am talking to my bank tomorrow, to see if financially it is possible, then I guess my next step is to find a listing agent to sell my house?

Should I only submit offers on the new house once I have a contract on mine?
Ask friends for Realtor recommendations. The people with the biggest/most ads are not always the best. Much of the time they get a ton of listings because they overprice the homes and back them will false promises such as "I have a buyer this would be perfect for, we could have them in in two months" when there really is no buyer.

You can submit an offer at any time as long as it is contingent (unless you find the financing to do otherwise). A contingent offer is, however, stronger if your house is under contract.
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Old 01-19-2015, 12:02 PM
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You really need to ask a local realtor if a contingent offer is viable in your area. My mom works the SE FL area and right now most her listings have multiple offers over asking. A large majority of her sales do not even have financing contingencies. I know her market is the extreme but only a local agent can tell you if this is reasonable in your area.

Best advice is to find an experienced agent that is actively working your area to sell your house. Drive around and search on the internet for agents that either have several listings in your area and have sold houses in your area. Their experience along with comps will help them determine the best price to sell your house. I also would not necessarily use the same agent for the new house if you plan on moving to a different area. Again, find someone who knows that area very well.
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