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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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those you who owned something before you bought a house
How in the world did you do it? We have a co-op, the contract says we'll close september 15 but we can't put an offer in on a house for 45 days because that's when our buyers mortgage will go through or something like that? I have no idea what I'm talking about because this whole process is so confusing. If we put an offer in on the house we like now that means that we're taking a gamble because if our buyers mortgage doesn't go through we'll be buying a house and then we'll be even more pressed to sell our co-op. Seriously, how did you do it?? Between the stress and all the information being processed through our heads DH and I might have to take up drinking.
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Posted 7/23/09 9:31 PM  |
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Prudential Douglas Elliman Real Estate
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Re: those you who owned something before you bought a house
Our buyers signed the contract and DH was only suppose to show me a house and we ended up making an offer contingent the sale of our home. If that deal fell through so did the one we were buying.
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| Posted 7/23/09 10:11 PM |
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Sparkyandang
LIF Adolescent
Member since 5/08 766 total posts
Name:
Ang
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Re: those you who owned something before you bought a house
Jess Marybeth might be able to help you with this...
I'm pretty sure you can put in your contract that the new house is contigent on the sale of your co-op.
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| Posted 7/24/09 9:15 AM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: those you who owned something before you bought a house
We owned a condo before we bought our house. I think we were within about 10 days of having 2 mortgage payments, but luckily it worked out. We closed on our house July 3, and the condo mid-August.
Can you get approved for a new mortgage over your existing one? If not, that makes things tricky.
In this economy, I think you will have a very hard time finding a seller who will accept your offer contingent on you selling you co-op.
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| Posted 7/24/09 9:21 AM |
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queensgirl
LIF Infant
Member since 11/08 321 total posts
Name:
Erica
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Re: those you who owned something before you bought a house
We are going through this right now. We're selling our co-op and purchasing a house. Its really tough, but so far so good. We tried putting in an offer on a house being contingent on the sale of our co-op, but no one would consider that, and I can't blame them. Once our buyer got her committment letter, we put an offer in on a house and it was accepted. We made sure that we wouldn't be approved for a mortgage due to lack of assets until we actually closed on the coop. that was our only "out" so that if things fell through and our buyer didn't get board approval, we wouldn't lose our deposit we put down when we went to contract. We basically have enough assets, but we withdrew money from our savings account so that our mortgage applicatoin would have to be conditional on getting the assets from the coop. Once our buyer gets board approval and its a sure thing, we'll re-deposit our money into savings and get our committment letter.
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| Posted 7/24/09 9:24 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: those you who owned something before you bought a house
I was able to get pre-approved for a mortgage that allowed me to own both places at the same time (my previous condo and my current house).
That allowed me to have flexibility on when I was able to close on my prior place. It ended up that I carried both places for about a month which eliminated a lot of the stress.
But I was lucky to have the financial means to do this, many people can't.
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| Posted 7/24/09 12:20 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: those you who owned something before you bought a house
we were able to qualify for the two mortgages and we had the downpayment for the new house without having to sell the old.
we ended up closing on both places the same week
the previous owners of our current house told us that they took out a HEL/HELOC before they put the house on the martket and they used that as their downpayment for the new house.
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| Posted 7/24/09 1:33 PM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: those you who owned something before you bought a house
Posted by Sparkyandang
Jess Marybeth might be able to help you with this...
I'm pretty sure you can put in your contract that the new house is contigent on the sale of your co-op.
Andrea is right- talk to your attorney and when they draw up the contract for the house that you are buying they can put a clause in that the purchase is contingent on obtaining a mortgage/selling your coop
if you need a recommendation on a lawyer- I have a great one!
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| Posted 7/24/09 1:35 PM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: those you who owned something before you bought a house
Posted by MrsFab
Posted by Sparkyandang
Jess Marybeth might be able to help you with this...
I'm pretty sure you can put in your contract that the new house is contigent on the sale of your co-op.
Andrea is right- talk to your attorney and when they draw up the contract for the house that you are buying they can put a clause in that the purchase is contingent on obtaining a mortgage/selling your coop
if you need a recommendation on a lawyer- I have a great one!
Thanks! We have an attorney and they did mention it's an option to put an offer on a house contingent on the sale of our co-op but like a PP said, no buyer would be willing to do this. The houses we like seem to move off the market quickly and if it's between us and someone who has all their ducks in a row, we wont be the one chosen. So not fun, but I do appreciate your response!
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| Posted 7/24/09 2:39 PM |
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Jenn627
Laaaaaaaambert!
Member since 5/08 9818 total posts
Name:
Jenn
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Re: those you who owned something before you bought a house
Ah Jess. That sucks.
My bro and his family sold their house before they were able to move into their new house... they ended up staying in a hotel (2 adults, 3 kids, 2 dogs!!!).
Could that possibly be an option for you? Is there family you can stay with?
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| Posted 7/24/09 2:45 PM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: those you who owned something before you bought a house
Posted by Jenn627
Ah Jess. That sucks.
My bro and his family sold their house before they were able to move into their new house... they ended up staying in a hotel (2 adults, 3 kids, 2 dogs!!!).
Could that possibly be an option for you? Is there family you can stay with?
yea we're looking into renting something but I don't know how easy it'll be to find a 6 month lease and I think (or hope) even that will be too much time. DH's aunt has an apt upstairs from her house and I know she can use the $$ so I told DH to call her and just get her feelings on us staying with her for a little while. I have a feeling she'll actually appreciate it
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| Posted 7/24/09 4:04 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: those you who owned something before you bought a house
we are just trying to buy something and get out of an apartment that we rent from family and i am having heart palpatations! and we didnt even get a house yet! 
i feel for you! my parents sold in NY and then bought in Florida - and it was very stressful for them.
It's not easy when you have to sell one and buy another - but people are doing it, so you know it can be done....it will work out!
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| Posted 7/24/09 4:29 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: those you who owned something before you bought a house
Posted by mikeandjess
Posted by MrsFab
Posted by Sparkyandang
Jess Marybeth might be able to help you with this...
I'm pretty sure you can put in your contract that the new house is contigent on the sale of your co-op.
Andrea is right- talk to your attorney and when they draw up the contract for the house that you are buying they can put a clause in that the purchase is contingent on obtaining a mortgage/selling your coop
if you need a recommendation on a lawyer- I have a great one!
Thanks! We have an attorney and they did mention it's an option to put an offer on a house contingent on the sale of our co-op but like a PP said, no buyer would be willing to do this. The houses we like seem to move off the market quickly and if it's between us and someone who has all their ducks in a row, we wont be the one chosen. So not fun, but I do appreciate your response!
While your statement may be correct, a seller would prefer someone with their ducks in a row, keep in mind that it is still a BUYERS market. They may not have any other offers. Also, you are in a common situation that would affect many buyers, so possibly their other offer could come from someone in your same shoes. If you can say that you are in contract with a seller, they know that at least you could close quickly, not like you have your coop on the market with no interest. KWIM, a seller might be willing to work with you.
Good Luck! i will be in your shoes in a few years when we want to upgrade and after the hellish process to buy this place (we were homeless a few days), i worry about the process!
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| Posted 7/25/09 8:14 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: those you who owned something before you bought a house
Posted by queensgal
Posted by mikeandjess
Posted by MrsFab
Posted by Sparkyandang
Jess Marybeth might be able to help you with this...
I'm pretty sure you can put in your contract that the new house is contigent on the sale of your co-op.
Andrea is right- talk to your attorney and when they draw up the contract for the house that you are buying they can put a clause in that the purchase is contingent on obtaining a mortgage/selling your coop
if you need a recommendation on a lawyer- I have a great one!
Thanks! We have an attorney and they did mention it's an option to put an offer on a house contingent on the sale of our co-op but like a PP said, no buyer would be willing to do this. The houses we like seem to move off the market quickly and if it's between us and someone who has all their ducks in a row, we wont be the one chosen. So not fun, but I do appreciate your response!
While your statement may be correct, a seller would prefer someone with their ducks in a row, keep in mind that it is still a BUYERS market. They may not have any other offers. Also, you are in a common situation that would affect many buyers, so possibly their other offer could come from someone in your same shoes. If you can say that you are in contract with a seller, they know that at least you could close quickly, not like you have your coop on the market with no interest. KWIM, a seller might be willing to work with you.
Good Luck! i will be in your shoes in a few years when we want to upgrade and after the hellish process to buy this place (we were homeless a few days), i worry about the process!
We bought a few months ago, and never would have gotten our house if we put that we needed to sell our condo first. Most of the well-priced homes are moving quickly--we lost out on 2 to full-cash offers!
We wound up borrowing some money from family (not our entire DP since we had additional money saved, but some) to cover us until we had our condo closing 3 weeks after the house closing. We knew we were getting the money, and you can get a bridge loan from the bank, but the rates on those loans are huge. We priced our condo low to sell quickly since we hadn't put our condo on the market before we went to contract on our house since we had nowhere to go if we sold before we bought, and had been house hunting for 2 years.
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| Posted 7/25/09 8:20 AM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: those you who owned something before you bought a house
Posted by nov04libride
Posted by queensgal
Posted by mikeandjess
Posted by MrsFab
Posted by Sparkyandang
Jess Marybeth might be able to help you with this...
I'm pretty sure you can put in your contract that the new house is contigent on the sale of your co-op.
Andrea is right- talk to your attorney and when they draw up the contract for the house that you are buying they can put a clause in that the purchase is contingent on obtaining a mortgage/selling your coop
if you need a recommendation on a lawyer- I have a great one!
Thanks! We have an attorney and they did mention it's an option to put an offer on a house contingent on the sale of our co-op but like a PP said, no buyer would be willing to do this. The houses we like seem to move off the market quickly and if it's between us and someone who has all their ducks in a row, we wont be the one chosen. So not fun, but I do appreciate your response!
While your statement may be correct, a seller would prefer someone with their ducks in a row, keep in mind that it is still a BUYERS market. They may not have any other offers. Also, you are in a common situation that would affect many buyers, so possibly their other offer could come from someone in your same shoes. If you can say that you are in contract with a seller, they know that at least you could close quickly, not like you have your coop on the market with no interest. KWIM, a seller might be willing to work with you.
Good Luck! i will be in your shoes in a few years when we want to upgrade and after the hellish process to buy this place (we were homeless a few days), i worry about the process!
We bought a few months ago, and never would have gotten our house if we put that we needed to sell our condo first. Most of the well-priced homes are moving quickly--we lost out on 2 to full-cash offers!
We wound up borrowing some money from family (not our entire DP since we had additional money saved, but some) to cover us until we had our condo closing 3 weeks after the house closing. We knew we were getting the money, and you can get a bridge loan from the bank, but the rates on those loans are huge. We priced our condo low to sell quickly since we hadn't put our condo on the market before we went to contract on our house since we had nowhere to go if we sold before we bought, and had been house hunting for 2 years.
It's true, most houses we like are in contract before we even get a chance to look at them. The others we like are in contract within days. I hear it's a buyers market but I feel like that doesn't apply to me 
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| Posted 7/25/09 8:47 AM |
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Kristin616
Member since 8/06 3595 total posts
Name:
Kris
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Re: those you who owned something before you bought a house
It was a nightmare!!!
We had to wait until the beginning of July to see if the co-op would approve our buyer. We closed on the co-op July 22nd..had less than two weeks to pack it up. Then went into contract with our new house 4 days before closing on our co-op. Risking that everything would go smoothly on our co-op closing or we would lose $30,000 from our house contract if we had to back out.  We had to move in with my parents for a little while because we did not close on our house until September. It's a long dreadful process!!
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| Posted 7/25/09 12:13 PM |
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