WWYD? Re: selling before buying?

So we have a great offer on our co-op, but we still haven't found a house yet (we put it on the market thinking it would take a while to sell and we'd definitely find a house first). We could go through with the sale and rent for a bit, but renting doesn't provide the tax break we're getting owning the co-op. We could tell the potential buyers that we like their offer but we need 6 months before moving out and hope to find something in that time? I knew this would not go as smoothly as I thought. lol.

Advice? What have others in this situation done?

Thanks!

Re: WWYD? Re: selling before buying?

We are in the EXACT same situation and we took the offer on our co-op!

We thought it would take a while and we had an offer 3 days after we listed it. The reason why we took the offer (I actually posted about it because the offer was a little lower than we wanted) was mainly because we didn't know when we would get another offer and we would much rather be in this situation (sold our place with no place to go) then to have found a place we loved, but not be able to sell our coop. It is a much better place to be in when you are buying. In a lot of ways, we have an advantage because we can close and move in whenever we want. We also are not in a position where we are relying on the proceeds from the co-op for our down payment on the house, but if that is your case, then I would recomend even more that you take the offer.

We are set to close in October and will be renting. I also am not too worried about the tax issue. We only are missing out on 2 months and I figure that next year we will have a lot from our house mortgage to deduct.

Good luck

Re: WWYD? Re: selling before buying?

congrats on the offer.

it is impossible to perfectly time a purchase and a sale. if the offer is attractive than i would accept with a extended closing date.

check MLS everyday, drive through the neighborhoods you love, search FSBO sites and the newspapers and make it your priority to find a home. although not ideal, if you are unable to find your "dream" home by closing, rent for a few months.

it is much better to be in your situation then finding a home and not being able to sell yours.

Re: WWYD? Re: selling before buying?

Yup...it seems everyone I've spoken to thus far agrees we should jump on the offer...I guess we will!

OK we WILL find a house, we will find a house!

Thanks!

Re: WWYD? Re: selling before buying?

Not to jinx you, but selling a coop usually needs board approval - this is an extra layer that could delay things a bit and buy you time. Hopefully your buyers will pass and it won't be that big of an issue, but maybe it will get you an extra half month or month.

Re: WWYD? Re: selling before buying?

Just something else to think about the buyers may be first time homebuyers who want to close in order to qualify for the tax credit and might not be willing to wait the 6 months