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maybemommy10
Big Brothers to Be !
Member since 2/10 3868 total posts
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"You are not an Ideal buyer"- ? for those who bought and sold at the same time
Because we own a home we have to sell. This is what our Re just told us.
How the hel& does buying and selling work? I am scared of this whole process. Can anyone share their experience. How did you make the timing of it all work ?
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Posted 8/13/12 7:37 PM  |
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Long Island Weddings
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ANR1211
My loves
Member since 2/11 2131 total posts
Name:
A
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
We looked at some houses before ours was on the market and later learned that it was a bad idea. We fell in love with a home and didn't know how long it would take to sell ours. Luckily for us, our house was only on the market for a few months and we got an offer. So we were able to put an offer on the house we loved. We are currently trying to negotiate closings to align, but it's stressful!!!! If there is a possibility you can stay with someone after you sell and before you buy, it would probably be a lot easier, but as someone who is selling and buying (hopefully within a day of each other) it IS possible! Good luck!!!!
Oh, also, it's best if the person buying your house is a first time home buyer, otherwise you have to take them selling their house into account!!!
My situation -- First time home buyers are buying our house, we are buying a house, the people we are buying from already have a second house in FL, so we don't have to wait for them to close.
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| Posted 8/13/12 7:58 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
Can you financially swing both mortgages at the same time?
If you have to buy contingent on the sale of your old house - you are not going to be a favorable buyer, sorry. I would say you need to at least be in contract on your old house to sell before a buyer would want to deal with it. Generally no buyer is going to sit around and wait for you to sell yours before you can buy theirs.
You may need to sell first and then buy - which means you may need to rent for a short period of time or move in with family. Or the timing may work out okay if you go into contract on your old home and a new home close to one another (but then you never know what issues may come up).
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| Posted 8/13/12 8:20 PM |
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
I would find a new RE. We sold/bought twice and we didn't have any issues.
We were also told we weren't ideal, but we knew this already. Just because you aren't ideal doesn't mean it can't happen.
Message edited 8/13/2012 8:33:25 PM.
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| Posted 8/13/12 8:32 PM |
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Mommy2bX2
LIF Infant
Member since 9/11 81 total posts
Name:
Jenn
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
we are in the same situation right now. we are selling our current house & purchased a new build. originally we were going to be homeless for a while but it has all worked out that both closing will be within days if not hours of one another. we listed the house for sale in november and contracted the new build at the same time with the estimated completion of sept/oct but b/c we had a nice winter, it moved along faster. we also had a baby in the middle of it all...lol
it is a stressful process but it can be done. good luck :)
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| Posted 8/14/12 10:53 AM |
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AKD
LIF Adult
Member since 1/12 2637 total posts
Name:
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
We're going through this now. We're selling a co-op and looking for a house. We were recently in process of getting into contract and part of the agreed offer was a contingency plan which basically said that if we didn't sell our co-op, we can back out of the deal. The agents wanted to know that we're close in the process - in our case, we were already in contract on our co-op and waiting for htem to go to the board for approval, so it worked out. We backed out afterwards for other reasons but I would def. recommend some kind of contingency. It's harder to negotiate and you have to find the right seller, but it def works. Another friend of mine just did this too.
Goodluck!
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| Posted 8/14/12 12:08 PM |
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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: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
as the sellers agent- I wouldn't advise anyone excepting an offer from a buyer who still had a house to sell
this is how I normally work it when I am selling a house and then are buying another one
we list the house to sell
we go and see houses you like
we eliminate
we get an offer on your house
we go back to the houses they liked
put an offer in
contracts signed on house we are selling
contracts signed on house we are buying
not one of my sellers has ever been homeless
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| Posted 8/14/12 12:12 PM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
It's crappy but true. We were "ideal" buyers bc we had nothing to sell. But pepole do buy/sell ALL THE TIME. IMO your rea was just being honest.
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| Posted 8/14/12 2:04 PM |
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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
That isn't necessarily true. I bought before I sold. I ended up having to carry the two houses for 11 months (actually we close next month). My husband and I have great credit, excellent income, 20 percent downpayment on new house, and equity in old house. We had a mortgage commitment (not just a pre-qualification) with Chase when we presented our offer. I did not have any realtors question us. Perhaps, it was because of our mortgage commitment. Chase did not require that the new mortgage be contingent on the sale of the first house. However, we did have to show that the house was listed with a realtor. Both mortgages are with Chase. You just have to be comfortable with having so much of your income go to carrying both houses. BTW, you don't have to tell them that you have a house to sell.
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| Posted 8/14/12 3:02 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
You need the down payment and need to be able to carry both mortgages. We bought the house with 20% down, then sold our coop. If we needed to sell for the down payment, a seller would not want that
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| Posted 8/14/12 4:16 PM |
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Carolyn
.....
Member since 5/07 5351 total posts
Name:
Twin mommy
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
We waited until we were in contract on our home AND our buyers had a mortgage commitment in place until we put in an offer on our purchase. In the interim,we had looked at a lot of homes before we found the one that we bought. When we go the offer from our buyers we told them we would need a long close date to give us enough time to negotiate and at least have a close date on our new house.
We actually ended up closing in 30 days on our purchase (OOS) and the sellers rented back from us for 3 weeks until we closed on our old house. It miraculously worked out.
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| Posted 8/14/12 4:46 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
We have 2 opposite ends of the spectrum examples.
In 2007 we found and went int contract on our current house BEFORE our former house was even listed.
We sold that house fast and we closed within 1 day of each other.
Now we decided to do things the "ideal" way and we put our home on the market back in 2011 and guess what...we didnt sell!!
So it depends.
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| Posted 8/14/12 6:42 PM |
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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: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
Posted by SecretTTCer
That isn't necessarily true. I bought before I sold. I ended up having to carry the two houses for 11 months (actually we close next month). My husband and I have great credit, excellent income, 20 percent downpayment on new house, and equity in old house. We had a mortgage commitment (not just a pre-qualification) with Chase when we presented our offer. I did not have any realtors question us. Perhaps, it was because of our mortgage commitment. Chase did not require that the new mortgage be contingent on the sale of the first house. However, we did have to show that the house was listed with a realtor. Both mortgages are with Chase. You just have to be comfortable with having so much of your income go to carrying both houses. BTW, you don't have to tell them that you have a house to sell.
that's a completely different situation
if you need to sell your current house to buy a new one- this would never work
you wouldn't be able to show a pre-approval for the new loan- b/c you can't get one with out selling your first house
of course you can own multiple properties- if you can show enough income to carry them all- no one would stop you
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| Posted 8/15/12 10:18 AM |
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maybemommy10
Big Brothers to Be !
Member since 2/10 3868 total posts
Name:
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Re: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
Ok without becoming homeless or having two mortgages, HOW does one do this?
My RE repeated over and over to me, "just sign off on the verbal agreement, its nothing, there is ALWAYS a way out, all you have to do is get a letter saying you weren't approved for a mortgage." ok, LIE i just found out that i can get out of it but will lose my good faith money !>!>!>! how do you forget to mention that little detail, oh btw you will be out 20k if you sign!!!>!>!>! I am starting to hate this woman. Now i don't trust a word she says, and i can't do business with someone that will lie to me, BUT i am guessing they all will bc they want the deal.
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| Posted 8/16/12 11:31 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: "You are not an Ideal buyer"- ? for those who bought and sold at the same time
Posted by maybemommy10
Ok without becoming homeless or having two mortgages, HOW does one do this?
You concentrate first on selling the house and then find some temporary housing after you sell your house.
I just did this and it's the best way for a number of reasons:
Selling is always more difficult than buying so it may take time to sell your house and buyers can realistically back out at any time. No point in buying something or putting offers through unless you basically have the house sold.
If you are selling and can basically get out "whenever", you can be more attractive to buyers who need to find something ASAP (might have a lease ending they don't want to renew for an additional year). Prospective buyers who know that a seller has to wait until the house they are buying closes first could be turned off by these situations.
If your house is sold and you are in a temporary housing, you can present your strongest offers to sellers as you now have nothing to sell and sellers may take your offer (possibly lower offer too) vs. another buyer who has contingencies to work out with their current house.
If you are in a rental and you have no real timetable to get out, you can lowball sellers and possibly find a real bargain, again thanks to your strong overall situation.
Same thing if you have no timetable you can take your time finding a house and possibly avoid making a BAD purchase (because you were in a rush to sell and didn't want to be "homeless").
Financially with a house sold you will likely have the most money in the bank for a down payment so you will qualify for the best interest rates.
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| Posted 8/16/12 12:44 PM |
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