if i getting ready to move and i see a house i like and can't sell my house what should i do?

Question

house

Answer 1

You have these possible options:

1. Rent the current property out and buy the new one.

You'll only get credit for 3/4 of market rent, and you'll have to prove you make enough money to qualify for both payments when you get a loan to purchase the new property. You won't have any money you were counting on from the sale for a down payment, either, but 100% owner occupied loans are still very available to those with not-putrid credit and sufficient income. Refinancing for cash out when you're not going to live in it for a year means you're dealing with investment property requirements, which are much tougher, and you can figure more costly, as well.

2.Do what is necessary to sell the current property.

This means decrease the price and/or make it more attractive to buyers, usually both. How much? For that, you need to talk to your listing agent. Unless you're in my market, I don't know. Heck, a lot of agents in my market act like this elementary truth is some kind of heresy (Their listings aren't selling. Mine are).

3. Decide you're going to stay where you are, and forget about the new property.

Not satisfying, but it is an option. It may even be the best option. Neither I nor anybody else can tell with the information given.

Find some real estate and loan folks in your area, and discuss your situation with them. Pick at least two of each to work with. Fire your current agent. If they had a clue, you wouldn't have needed to ask anonymous strangers on the internet, and I wouldn't be typing this.

Answer 2

Talk to a mortgage broker and a real estate agent. They may be able to help you find some options that will work in your particular situation. It depends on the housing market in your area and your budget.

For instance, you can make an offer on the house with a contingency clause stating that you will buy the house as soon as your house sells. If your offer is better than the others, and if the seller has time to wait, or if the market is slow and they aren't getting lots of other offers, that may work out. Hopefully if the market is so hot that a contingency won't hold the house very long, then your house would sell quick too.
If your mortgage broker or realtor can help you come up with some creative interim financing so that you can close prior to the sale of your home, and if the seller is not in a hurry to move, (and if the house isn't already vacant) you could even include a leaseback option in your offer to allow the seller more time to occupy the house and prepare for the move. This way, you close before you actually take possession of the house. The lease $$ they owe you could be applied to the price of the house (lowering that mortgage amount), or could be paid back to you to offset your current house payment.

Could you bite the bullet and come up with both payments for a short time? Could you afford to reduce your asking price for your house in order to sell it quicker?

If you are moving from one city to another (couldn't tell for sure from your question) sometimes the employer offers relocation assistance. Be sure to check and see if you think this might be available & find out the details to see if it will really benefit you.

In the meantime, clean your credit up as much as possible. Cut corners everywhere you can on expenses to free up funds. The better financial position you are in, the more able/willing the mortgage companies are going to be to help you.

Answer 3

Depends on where you live and what the market is like. There is a possibilty that you will have two house payments for a while, and if rented you may have negative cash flow. Or you could get lucky and sell your house right away!

Answer 4

Can’t sell, meaning you need to keep owning it for some reason or you have it on the market and it’s not selling? If it’s the latter, maybe you need a new real estate agent who can appropirately price and market your home.

Answer 5

You need to disclose in your contract that your offer is contingent on the sale of your existing home. If they say no, then you need to look into a "Bridge loan" which you take out for a short period of time to pay for the closing costs and such.

Answer 6

Try to rent out your old house.