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How do I move to purchase or rent a new home with dependency of sell on current home?

I have a growing family and need to upgrade.  My dilemma is how to sell or rent my current home and then move to a new home?  I obviously cannot be without a home since I have kids and I do not want to purchase a new home if for some reason my current home does not sell for a while.  How does one pull off a move like this?

  • January 01 2014 - Fort Myers
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Answers (7)

Best Answer

This is a delicate dance to do, and you're not alone in wondering how to accomplish it!

Your options are limited (if you're not in the position to buy without selling first - and most people are in your same boat!).

Here are some suggestions:

1. You can TRY to make an offer contingent on selling your home . They may allow you to put that in the contract, but they may also want to continue to show the home....it varies on the area.
This is not an easy contingency to have accepted, and it certainly depends on your local market in FL, and the home in question.

If it's a slow market, or the home has been sitting for several months, then a seller MIGHT consider this type of offer.
If it's a strong market and/or a brand new listing, I would think they wouldn't want to get too creative too soon.
A local agent will be able to tell you if this is a possibility or not.

2. Put your home on the market, find a buyer, and try to get them to agree to a far off closing date (90 - 120 days) to give you time to find something to buy.
Of course, being "under contract" is still not "sold" but it's a step closer.

3. Sell your home - close -  and see if the buyers will do a "rent back" to you so that you can remain in the home until you close on the new home.

Or - close and move into a short term rental.
This does involve an additional (interim) move, but you will be in the driver's seat when it comes time to buy as your money will already be in the bank, ready to go. You will be perceived as a strong buyer.

Best wishes!!!
 
  • January 01 2014
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I guess the easiest would be to put your house on the market and try to negotiate a lease back so that you can remain in the house until you close on a new property.
  • January 07 2014
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thanks for the best answer........good luck!
  • January 06 2014
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Profile picture for SoCal Engr
a consumer perspective...

Here's how we (my better half and I) handled the same situation...

#1 - We put our house up for sale. At the same time, we started "looking" at rentals and neighborhoods in the area we planned to buy into.

#2 - When we got an offer on our house, we negotiated a 45-day escrow.

#3 - Once the offer was accepted, we found a rental. Since it was temporary, we did not worry too much about overall size/etc. Mostly location (i.e., in the area we wanted to buy in, so we could get a better feel for the area), and price (as low as possible, since rent has zero tax advantages).

#4 - We took out a 1yr lease on the rental.

#5 - When we found the house we wanted, we pulled the trigger and went month-to-month on the rental until we had the new house "move-in ready". This gave us a chance to do some work on the new house, without having to "live in the mess".

Hope this helps...
  • January 06 2014
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Very carefully! Why don't you put it up for rent/sale and see what kind of responses you get. In the meantime start looking at homes in the area you want to buy (of course after talking to a mortgage pro). Renting your current home would be easier than selling as too many variable to be concerned with when selling (will they qualify, will they back out last minute etc). You have a lot of ground work to cover, but it is possible.
  • January 06 2014
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Very few sellers are willing to even consider accepting an offer subject to the buyer being able to sell their current home. What does often work is getting your current home under contract and then placing an offer on the home you want to purchase subject to the successful closing of your current home. I did this successfully a couple of times in recent months and they did indeed close.
  • January 02 2014
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List your home and start looking. Once we get an offer, make an offer on a home we have found contingent on your home closing. I would love to help you accomplish your goals. Give me a call Marge Bennett RE/MAX Realty Group [contact information deleted by Zillow moderator. Please see our Good  Neighbor Policy for posting guidelines]
  • January 02 2014
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