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clwp
Love my girls!
Member since 10/06 2114 total posts
Name:
mommy
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Message edited 8/22/2010 8:36:27 PM.
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Posted 6/28/10 9:08 PM  |
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Prudential Douglas Elliman Real Estate
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: In Limbo... selling and buying issues
Can you handle 2 mortgages if you had to, or is your purchase absolutely contingent on you guys selling first? If you have to sell first, I think at the very least you need to be in contract, otherwise you are going to be viewed as a risk and most sellers would probably accept less $$ for a deal that wasn't contingent on another sale.
It's a tough call!
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| Posted 6/28/10 9:30 PM |
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clwp
Love my girls!
Member since 10/06 2114 total posts
Name:
mommy
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Re: In Limbo... selling and buying issues
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Message edited 8/22/2010 8:36:43 PM.
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| Posted 6/28/10 9:33 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: In Limbo... selling and buying issues
Honestly, as someone who sold & bought in 2008 - $10k isn't a lot. If it was a toss up between someone ready to go, or risk waiting for someone else to sell their home first, I would definitely go with the $10k less, especially if you're not even in contract yet. From the sellers standpoint, there is no guarantee that your sale is going to go through, and I'm sure that they realize if your sale does fall through and you have to back out, they now have to relist their home in a falling market. For $10k, I would definitely go with the "sure thing".
Message edited 6/28/2010 9:39:41 PM.
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| Posted 6/28/10 9:39 PM |
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Re: In Limbo... selling and buying issues
What is your tolerance to risk? That is the major question.
If I was your realtor, I have zero tolerance, I have seen the the other side, not pretty at all.
You may think I am crazy, but in a declining market I would sell your home 1st. Go to closing move out and get a short term rental.
Now you are the KING. You go and buy your next home with nothing to sell. You are a ready, willing and able buyer.
How much is that worth in today's market. A 10,000 reduction or more without a doubt.
May have a little extra packing and a POD in storage, but you will have a long lasting relationship with each other and you both will sleep better at night.
Good Luck,
Arthur
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| Posted 6/28/10 10:12 PM |
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clwp
Love my girls!
Member since 10/06 2114 total posts
Name:
mommy
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Re: In Limbo... selling and buying issues
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Message edited 8/22/2010 8:36:59 PM.
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| Posted 6/28/10 10:16 PM |
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clwp
Love my girls!
Member since 10/06 2114 total posts
Name:
mommy
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Re: In Limbo... selling and buying issues
Posted by Karen
Honestly, as someone who sold & bought in 2008 - $10k isn't a lot. If it was a toss up between someone ready to go, or risk waiting for someone else to sell their home first, I would definitely go with the $10k less, especially if you're not even in contract yet. From the sellers standpoint, there is no guarantee that your sale is going to go through, and I'm sure that they realize if your sale does fall through and you have to back out, they now have to relist their home in a falling market. For $10k, I would definitely go with the "sure thing".
Tell this to the poor neighbors on that block. Those poor people (many of whom I know), I told them what happened. Lets just say that realtor won't be selling on that block again. LOL. It lowered the whole block.
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| Posted 6/28/10 10:18 PM |
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clwp
Love my girls!
Member since 10/06 2114 total posts
Name:
mommy
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Re: In Limbo... selling and buying issues
Posted by EXIT Realty Achieve
What is your tolerance to risk? That is the major question.
If I was your realtor, I have zero tolerance, I have seen the the other side, not pretty at all.
You may think I am crazy, but in a declining market I would sell your home 1st. Go to closing move out and get a short term rental.
Now you are the KING. You go and buy your next home with nothing to sell. You are a ready, willing and able buyer.
How much is that worth in today's market. A 10,000 reduction or more without a doubt.
May have a little extra packing and a POD in storage, but you will have a long lasting relationship with each other and you both will sleep better at night.
Good Luck,
Arthur
You both? We aren't a couple, we are a family. You can't just stick a family of 4 with 2 babies in some crap hole and call it a day. We'll make offers once in contract. ETA: was frustrated so there was some pretty not so nice stuff here. Chatted with DH, we are back on track and have a plan B to get into our new house where we want, etc.
Sorry, just frustrated and I think telling a family with babies to rent a temp housing is just rediculous. JMO, it's not an option.
Message edited 6/28/2010 10:43:13 PM.
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| Posted 6/28/10 10:23 PM |
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ashap215
LIF Adult
Member since 8/09 1283 total posts
Name:
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Re: In Limbo... selling and buying issues
OMG! Nasty much?!
You ask for opinions and then crap all over them.
If you don't want to hear what people have to say...don't ask!
And btw....a short term rental doesn't automatically mean sh*thole. Plenty of apartment complexes offer 6 month leases
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| Posted 6/28/10 10:55 PM |
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Re: In Limbo... selling and buying issues
Posted by clwp
Posted by EXIT Realty Achieve
What is your tolerance to risk? That is the major question.
If I was your realtor, I have zero tolerance, I have seen the the other side, not pretty at all.
You may think I am crazy, but in a declining market I would sell your home 1st. Go to closing move out and get a short term rental.
Now you are the KING. You go and buy your next home with nothing to sell. You are a ready, willing and able buyer.
How much is that worth in today's market. A 10,000 reduction or more without a doubt.
May have a little extra packing and a POD in storage, but you will have a long lasting relationship with each other and you both will sleep better at night.
Good Luck,
Arthur
You both? We aren't a couple, we are a family. You can't just stick a family of 4 with 2 babies in some crap hole and call it a day. We'll make offers once in contract. ETA: was frustrated so there was some pretty not so nice stuff here. Chatted with DH, we are back on track and have a plan B to get into our new house where we want, etc.
Sorry, just frustrated and I think telling a family with babies to rent a temp housing is just rediculous. JMO, it's not an option.
I would guess from your responses your tolerance rate is low. Their are many beautiful short term rentals around. If you are on LI the Avalon is really nice and not a sh*t hole unless you live in Sands Point. with 10,0000 sq ft of living space.
I will give you the scenario I was talking about.
You get a buyer to agree to your price.
Go to contract.
Buyer gets 60 days to get a commitment on a mortgage.
You go and find a home you love.
You go to contract
Remember your contract is not contingent on you selling your home.
Your buyer;
losses job can't get loan
appraisal comes in lower can't get loan
or just does not get an approval after being pre-approved
You still have to buy the home you are in contract with.
Do you want to own 2 homes? It happens more often now. You have to find a renter for your old home or the bank will not give you a loan or you back out and lose your down payment. Your attorney tries to recover some of your down payment but the seller you are buying from wants to sue you for more.
So, again what is your tolerance for all this?
I tell it the way it is, and explain it all. We live in different
times. You need to know all the risks.
Other agents look the other way and say "we are all adults, the sellers/buyers should know the risks involved"
My 1st hand experience with this is not pretty. So big deal you live in a nice Sh*t hole for a couple of months. and save some money in the process. Sometimes we need to take a couple of steps back to get ahead. But at least you are in control.
Good Luck,
Arthur
PS. You can vent all you want I'm a Realtor it comes with the job.
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| Posted 6/29/10 8:32 AM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: In Limbo... selling and buying issues
Posted by clwp
Sorry, just frustrated and I think telling a family with babies to rent a temp housing is just rediculous. JMO, it's not an option.
wow, why are you so angry at that poster? I think he gave you a good solution, we are planning to go with short term rental once we sell our home...it is not a terrible idea
I know home buying / selling is stressful but I think you have some misplaced aggression
Message edited 6/29/2010 8:45:48 AM.
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| Posted 6/29/10 8:43 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: In Limbo... selling and buying issues
Posted by EXIT Realty Achieve
I would guess from your responses your tolerance rate is low. Their are many beautiful short term rentals around. If you are on LI the Avalon is really nice and not a sh*t hole unless you live in Sands Point. with 10,0000 sq ft of living space.
I will give you the scenario I was talking about.
You get a buyer to agree to your price.
Go to contract.
Buyer gets 60 days to get a commitment on a mortgage.
You go and find a home you love.
You go to contract
Remember your contract is not contingent on you selling your home.
Your buyer;
losses job can't get loan
appraisal comes in lower can't get loan
or just does not get an approval after being pre-approved
You still have to buy the home you are in contract with.
Do you want to own 2 homes? It happens more often now. You have to find a renter for your old home or the bank will not give you a loan or you back out and lose your down payment. Your attorney tries to recover some of your down payment but the seller you are buying from wants to sue you for more.
So, again what is your tolerance for all this?
I tell it the way it is, and explain it all. We live in different
times. You need to know all the risks.
Other agents look the other way and say "we are all adults, the sellers/buyers should know the risks involved"
My 1st hand experience with this is not pretty. So big deal you live in a nice Sh*t hole for a couple of months. and save some money in the process. Sometimes we need to take a couple of steps back to get ahead. But at least you are in control.
Good Luck,
Arthur
PS. You can vent all you want I'm a Realtor it comes with the job.
Arthur, well said. I also rec Avalon for this purpose.
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| Posted 6/29/10 8:58 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: In Limbo... selling and buying issues
Posted by pinkandblue
Posted by clwp
Sorry, just frustrated and I think telling a family with babies to rent a temp housing is just rediculous. JMO, it's not an option.
wow, why are you so angry at that poster? I think he gave you a good solution, we are planning to go with short term rental once we sell our home...it is not a terrible idea
I know home buying / selling is stressful but I think you have some misplaced aggression
I agree. I personally think it's "rediculous" to think anybody that doesn't live in a house they own... lives in a dump.
You have received excellent advice. You should sell your house first and move into a rental. You will PAY LESS for the house you buy because you will be presenting much stronger offers.
And I also think it's "rediculous" to report the agent you mentioned in your first post for taking 10k less than your contingency offer. Your offer was not strong at all because you didn't even have your place sold.
I have been to 7 different closings now, and I can pretty much tell you I would take 10k less on an offer with no contingencies than let a house sit on the market while somebody waits to sell their house.
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| Posted 6/29/10 10:46 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: In Limbo... selling and buying issues
Posted by ave1024
Posted by pinkandblue
Posted by clwp
Sorry, just frustrated and I think telling a family with babies to rent a temp housing is just rediculous. JMO, it's not an option.
wow, why are you so angry at that poster? I think he gave you a good solution, we are planning to go with short term rental once we sell our home...it is not a terrible idea
I know home buying / selling is stressful but I think you have some misplaced aggression
I agree. I personally think it's "rediculous" to think anybody that doesn't live in a house they own... lives in a dump.
You have received excellent advice. You should sell your house first and move into a rental. You will PAY LESS for the house you buy because you will be presenting much stronger offers.
And I also think it's "rediculous" to report the agent you mentioned in your first post for taking 10k less than your contingency offer. Your offer was not strong at all because you didn't even have your place sold.
I have been to 7 different closings now, and I can pretty much tell you I would take 10k less on an offer with no contingencies than let a house sit on the market while somebody waits to sell their house.
agreed on all points...you slandered that agent for doing his or her JOB
the agent works for the SELLER
$10k less with a quick close is a WAY better offer then yours!
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| Posted 6/29/10 1:53 PM |
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