Most people don't find this a problem at all. You are not the only one wanting to sell the property you occupy to buy another home.
You put your home out for sale, and let the seller of your dream home know you want to buy it. If the timing is bad and you can't cross over from one to the other, you can do one of these:
1. Stay in your present home after selling it, but you tell the new owner you will rent it from them for a few months, or even a year before handing it to them with vacancy.
2. Buy the new place and tell them that you may have to take occupancy of the new place without having paid up fully yet, but you are either going to rent the new premises or pay them extra in the sale price. [Amounts to the same thing.]
3. Sell your present home, move out to temporary quarters like with relatives or a cheap hotel or some premises that are vacant because the owners don't live there except in summer or that happens to be vacant for the interval bridging your moving out of your old property and moving into your new property. Let the landlord know it is for a short term lease. The owners tend to charge more rent for short leases.
4. If you are monied, not working at your home because you have people working for you, go abroad and live in luxury premises. Especially to a country whose exchange rate favours your going there. Have a holiday with that rental money you would have to spend back home to do nothing but wait! Go learn a course and upgrade your marketability.
5. If you are at that age when the kids are studying abroad, go visit them with the excuse you have no place to stay and then you know what they are up to. And can continue to bond with them. You can do all these if your new home is cheaper than your old home!
You can call house movers who will tell you the costs of packing your household items and keeping it in their warehouse and charging you rent there, then move them to your new premises.
Your presence helps when the movers are packing, if you see what items are inside the boxes so you can label them: Bedroom 1 or Bedroom 4 or Living Room . Then go label your new home's doors with Bedroom 1 and Bedroom 4 and so on so they know which box to unpack where.
[Antiques you bring yourself to your temporary quarters. My soapstone hope chest had all the soapstone carvings fall off and I was not there to search for them in the boxes they came in because they had thrown it away. My teapots lost their lids. Grrrr! You must remember this when using movers.]
It is always psychologically pleasing to go to live in new premises. One of the fall-outs is that new babies get born each time the parents move house. Wonder why.
2007-04-30 21:21:51
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answer #1
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answered by Minerva 3
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The main obstacle you face is selling your condo. Our current market is a buyers market and to sell your condo, you may have to list it under value to get into the single family residence you desire more quickly.
If you can support both payments, you can still purchase the home you desire. Most people cannot support two mortgages, though.
What you can do, if you need to sell before you purchase, is once you enter into a contract to sell your condo, you can go ahead and start looking for a home to move into. If you find one while still in contract for the condo, you can put an offer in on the new home with a contigentcy that your condo sells. If your condo doesn't close, for some reason, you can back out of the contract for the home you are purchasing. If everything goes smoothly, you can close on your condo one day and close on the new home either the same day or the following day. The money made on your condo can just be wired from one title company to the one you are using to purchase the new home.
Hope this helps.
2007-04-30 20:27:15
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answer #2
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answered by loansbytami 2
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It all depends whether your condo is in a seller's market location. Many people have the same idea, purchase a home with the intention of using money gained from their previous residence, then find they can't sell their home--thereby putting them in a bind. If this is a possibility, you could try renting the condo on a limited time basis while you look for a new place--assuming the condo has mortgage payments.
2007-04-30 20:04:34
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answer #3
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answered by holacarinados 4
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