Selling house buying another.

[chvybeatsford]

OK so was supposed to be a 5 year plan but we doing 4 instead. Also a realtor is coming over tonight and was wondering what top questions to ask. She lives in same neighbor hood and sold the last lake lot like ours fast. With-n 10days.

So we found a house we want (same sub my brother bought and closes DEC 1.) and only wanna sell to get into that house or that sub. What's the correct process. Did the lender deal and no way to have two mortgages at same time. But can't really rent right off bat (2 dogs 2 cats and my mother). No family to take us in for short term. I mean I can find rent but most like 1 year lease. Thanks ahead.

 

[DriftwoodSVT]

You list your house for sale and put in a Contingency offer on the home you want. Your realtor should know all about how it works.

 

[chvybeatsford]

Thanks. That contingency offer was what I was seeing a lot of but was unsure.. Are their set rules for it?.. This all has me worried and everything u can think of. Being homeless isn't cool.

 

[JBird_Cobra]

No set rules... your offer is contingent upon your house selling. It holds more value if you're under contract.

Make sure you make a good offer though. My house sold in 8 hours; I've made (3) contingent offers above asking price and cash buyers have come through and taken them all. I move all my stuff into storage tomorrow and will be crashing with a friend for a bit. The real estate market is crazy right now.

 

[chvybeatsford]

Thanks. I hope if I do this no cash buyers come in. We taking things out this weekend to put into storage in case. What's the quickest a closing can be? Most I've seen was 30-60 days but I'd let some one in asap if they want and can get the other house to do same. I'm used to selling cars. Come with cash leave with car.. Done deal but a house is whole diff level. For two weeks we thought of for sale by owner but pushed that idea away.

 

[verbal]

I did this earlier this year. Very stressful but I sold my house in the morning and closed on the new house in the afternoon. I brought the check from the sale to settlement and endorsed it to the new bank. I had to stay at a hotel for one night and the movers held our furniture overnight.

There used to be a thing called a bridge loan to cover the overlap of two mortgages but they do not do it anymore.

There are apartment complexes that will rent for as little as a month btw.

 

[chvybeatsford]

Thanks. The animals cause the main issues . we also are using what we think is profit from current house to place as down payment and allow a bigger range to look. So we will need to close on ours before closing on next house. I have places for me and wife(brothers camper ) but none for mom our the pets.

 

[JBird_Cobra]

What's the quickest a closing can be? Most I've seen was 30-60 days but I'd let some one in asap if they want and can get the other house to do same

I was told a rush would be about 3 weeks. Seems like it could be quicker but I know it's tough to get appraisals, inspections, etc. done in a timely manner.

 

[Stanger00]

I was told a rush would be about 3 weeks. Seems like it could be quicker but I know it's tough to get appraisals, inspections, etc. done in a timely manner.

I bought a home a couple months ago and we asked the realtor to move our closing date back. They, seller and broker, were ready to close after 3 weeks!

All of our inspections and appraisals were done within 5 days and then we waited the 10 days to workout comps with the seller. While we waited those 10 days our broker underwriters worked our loan and they were ready to fund about 1 day after we finalized comps.

The seller was motivated and we were motivated buyers who had all their documentation in order and this made the process fast and relatively painless.

We also beat out a person with a cash offer but that offer came with a contingency. Fortunate for me.

Good luck. Hope you have a good realtor and broker.

 

[chvybeatsford]

We bout to find out about realtor. First one I've talked to said she wanted to interview to be our realtor. That caught me off guard. Broker we've talked to and all is a go as long as we sell our house. Their are 5 realtors in our neighborhood that all say people wanting in here and wanna be on the lake. I knew getting a lake lot was s plus. And the house is only 4 years old from Louisiana preferred builder. So I think we should have no issue there. Its the finding house that's bothering me.

 

[Stanger00]

We bout to find out about realtor. First one I've talked to said she wanted to interview to be our realtor. That caught me off guard. Broker we've talked to and all is a go as long as we sell our house. Their are 5 realtors in our neighborhood that all say people wanting in here and wanna be on the lake. I knew getting a lake lot was s plus. And the house is only 4 years old from Louisiana preferred builder. So I think we should have no issue there. Its the finding house that's bothering me.

We had to interview with our realtor and broker.

 

[RDJ]

anymore NOT interviewing with your potential agent / broker is a bad idea. if you get a broker that you can't work with you are stuck once you sign a contract with them. so interview more than one and don't be in a rush.

Find a house then sell yours. you can sell yours and get a rent back for a couple of months if you wind up needing to most of the time.

I found, put a deposit down, worked the loan and closed on a house in 15 days. nothing was rushed it just went smoothly. I have seen houses take a couple of months to settle as well. just make sure you have all YOUR paperwork in order so if there is a delay it is not your fault.

We bout to find out about realtor. First one I've talked to said she wanted to interview to be our realtor. That caught me off guard. Broker we've talked to and all is a go as long as we sell our house. Their are 5 realtors in our neighborhood that all say people wanting in here and wanna be on the lake. I knew getting a lake lot was s plus. And the house is only 4 years old from Louisiana preferred builder. So I think we should have no issue there. Its the finding house that's bothering me.

 

[dom418]

I never like the idea of contingent contracts. If you plan on putting the profit down from your house as a down payment on your second I mean. You don't know what you are going to walk away with after all is said and done. Too many variables and you may not get your asking price. Combine that with all the closing costs, realtor fees etc and it won't be as much as you think.

I like to sell first before buying another house that way I know exactly what I can afford.

 

[TorchMach]

- Make sure the agent give's you a break on commission, not much but something will help since that agent will also be helping you purchase.
- As others have said put a contingency on the purchase contract stating it is contingent of you selling your current home. (usually give's you 45 days total to close) if you can't get your current home in escrow with in that time period you can either request a extension or cancel escrow at no damage to you.
- IF there are tree's or anything that isn't FIXED to the property you want to take just make it detachable before listing it. (put the tree's you want in a pot, have chandeliers removed and put in a cheaper one) stuff like that

I'm a Realtor in California, so the laws are different but those are the basics. Don't worry, you won't be homeless, your agent should know how to handle this.

 

[Crimson2v]

Good info in this post I was wondering the same thing this weekend as my wife and I were looking at some houses. We have been in our current house for 8 years or so and we are wanting to get a bigger house in the next couple of years.

 

[TorchMach]

Good info in this post I was wondering the same thing this weekend as my wife and I were looking at some houses. We have been in our current house for 8 years or so and we are wanting to get a bigger house in the next couple of years.

If you plan on putting all of your equity you've gained on your current home to your new home look into doing a 1031 Exchange. You can still do one and pull let's say $10,000 but will pay taxes on those $10,000.

 

[chvybeatsford]

Thanks. Lots of good info.. Realtor only 5% commission from the normal 6 around here. Guess that 1% is better than nothing. Our lender has dropped a bunch of fees over 1500 . All seems good. She original was thinking she was coming help us sell for by owner. But I think my safest and best bet is use a realtor that way all t's get crossed.

 

[chvybeatsford]

So also to relive stress we will take the advise giving here and sell our house while looking for one but not worry if we miss it and rent for a small bit if have to. Its what it is I guess and just gotta take it how its given. I just think my area may be starting to decline a bit. We have 232 houses in here and after looking at comps seems we just hit the high for area .. Thanks. Will update this as it goes.

 

[chvybeatsford]

We also tried other lenders. One I gonna beat out the other by 3k in fees and what not and also told us about conventional loan.

So update we locked a Realtor and Lender. Bad. Realtor wants us to paint as we chose non neutral colors in living and kitchen. Says having neutral allows buys to picture their furniture in rooms better. So I gets to repaint again.

 

[SonicDTR]

I will be doing this in a few years, and I plan on shoving everything I can in storage, staging the house, and renting after it sells. Then take my sweet no stress time finding the right house to buy.