Hi - my hubby and I are looking to move. We own our own place, but this is the first time we've sold AND bought at the same time. Is there a correct order to do things in? For example. We're seeing 2 places tomorrow that are within our budget. We've had our house valued but its not on the market. We've had a mortgage agreed in principle. So is it OK to see the houses, put in an offer, then put our house on the market? or is it better to sell our place THEN look at houses?? Either way, someones going to be waiting around for something! Am so confused! Cheers, Bxx
2007-03-15 01:05:37 · 9 answers · asked by Secret Squirrel 6 in Business & Finance ➔ Renting & Real Estate
Work with an agent it is very important. The only problem with going out and looking at homes before you sell yours is that you fall in love with something and now the stress of selling yours follow and some decisions might be made that are not in your best interest. Of course you would buy subject to the sale of yours but some sellers might not give you enough time to sell yours. Of course you could sell yours subject to you finding your next dream home but some buyers might not give you enough time to find the dream home. It is best to put your home on the market and see how the market reacts to it before you fall in love with the next one. Of course you run the risk that someone falls in love with yours and what I said above starts. This is why working with an experienced agent is so important. They can protect your goals by the way they structure the agreements in sale and purchase agreements.
Don't fear, if you work with a professional, one of their jobs is to make sure you accomplish your goals.
Buena Suerte
2007-03-15 01:24:39 · answer #1 · answered by newmexicorealestateforms 6 · 2⤊ 0⤋
Once you've got a mortgage offer agreed in principle and you know how much you have to spend, put your place on the market and start looking straight away. We had two buyers pull out on us, it can be quite stressful, but you don't want to miss out on someone buying your place. I'd say do it at the same time. Good luck
2007-03-15 01:09:59 · answer #2 · answered by rollacoasta 3 · 0⤊ 0⤋
This is the quandry that faces anyone looking to do both!
Consult with a Mortgage Lender regarding what options you have in each scenario. And, have them explain to you the pros & cons about a Bridge Loan product.
You can put in a Contingent/Concurrent Offer on a home that you want to purchase, but you should have your current home on the market now!
To make things the "cleanest", sell your home first! But make sure that the contract on your current home has a long enough closing date to accommodate you getting another home. You are going to want to coincide your current home with you next. Ideally, you should close on your next home first, so you have time to move into it. Otherwise, if you close on your current home sooner than your next home, you'll have to rent back some time from the purchaser.
If I can help you further, email me.
Good luck!
2007-03-15 02:02:01 · answer #3 · answered by Art 4 · 0⤊ 0⤋
Previous advice is all good, but I would add that you will probably not get a vendor to accept an offer from you unless you have an offer for your own property. They may well 'note' your offer, but say they will keep the property on the market until you are in a position to actually buy.
2007-03-15 01:30:28 · answer #4 · answered by fengirl2 7 · 0⤊ 0⤋
If the money from the sale of your home is needed in order to purchase, then you need to place it up for sale before looking. Yes, either way, somebody will be waiting for something but that's how it is.
2007-03-15 01:19:56 · answer #5 · answered by KathyS 7 · 1⤊ 0⤋
We have sold and are now in rented accommodation for 6 months costing £6000 all in and looking for a good cash deal in order to make the rent and costs back.
Cash buyer has power. and a good short term investment.
2007-03-15 01:28:47 · answer #6 · answered by ?Master 6 · 0⤊ 0⤋
First, clean your home from top to bottom, including yard, and garage. second, get your home appraised, third, find yourself a reputable realtor, and lastly, do not take the first bid.
Remember, you can always fire your realtor if he/she is not doing a good enough job. Make sure your realtor has multiple listings...
2007-03-15 01:11:44 · answer #7 · answered by Guess Who 6 · 0⤊ 0⤋
x=income
money=downpayment+mortg=0.25x+0.33x
if you have the money, buy first before selling. moved in & settle down, relax, clean and paint your house, then sell your house. your house is bigger and easier to sell if it is empty.
don't worry the time gap between buying and selling, as house price increases work to your advantage.
2007-03-15 01:40:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Pitch a tent until you sell,and buy.Do it in the warm season,its rude to expect others to wait on you.
2007-03-15 01:15:55 · answer #9 · answered by Anonymous · 0⤊ 0⤋