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Information on selling and buying at the same time with special circumstances...?

ph34rme
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I'd like to sell my home and move to a new one, but I have some special considerations that may be a problem, and I'm not sure how to go about it.

Firstly, while I'm not underwater or anything, and can make my mortgage payments fine, I do not have the means currently to save any decent amount for down payment and home sale/purchase costs. I was wondering if there's a way to have the proceeds from the sale pay for closing costs/etc. on the purchase.

Also, I currently live in an area with many renters and few home owners. I own, but am not sure if I should attempt to sell to a prospective owner or if I should attempt to sell through a rental company, and if so, how to do it.

Also, is there any general advice someone can provide on the order in which to proceed? Currently I have not chosen a new location, or talked to a real estate agent yet, and have not attempted pre-approval for a new loan, as I don't know if I should put my house for sale and look for a new place, or if I should determine a new place first and then sell, and so on.

I would like to move in the next 6 months to a year, but I'm not even sure where to begin, any help would be appreciated.

Thanks!

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August 18 - US

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DEBORAH CONTI, "ListingSpecialist"
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DEBORAH CONTI, "ListingSpecialist"

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Interesting answers! Plain and simple: Call your local Re/Max Office, have an agent come over and let them do a Current Market Analysis on your house. You want to make sure that (as is happening in many cases in this market) your house is worth MORE than what you owe! If so, you are fine. And, it is possible to ask the SELLER to give you a concession towards the closing costs. In NYS, it is usually a percentage of the purchase price. Which is one of the things the Re/Max Agent can go over with you. It is a buyer's market, so there are many buyer's out there. Depending on where you live, it may be better to sell than to rent. Be sure to ask the real estate agent to do "Rental" comparibles for you for your area as well as the CMA, then you will have the numbers in front of you and can decide better what to do. Good luck!

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August 24

Roberto Ribas, "azrob"
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Roberto Ribas, "azrob"

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in many parts of the country, getting a seller to accept an offer that is conditional on the sale of another home is likely to prove impossible. I would suggest you sell the home, rent a place after that and take your time buying. The additional frustration of a double move is far worth the trouble, to actually do well on both transactions.

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August 21

Margaret Shea, "sheasellsrealty"
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Margaret Shea, "sheasellsrealty"

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Talk to a mortgage loan officer to see what you would qualify for and to see what rate you are eligible for based on your credit scores. If you don't know your credit scores, this is a great time to find out - and you should check your credit every year.
Engage a Realtor who can explain the overall buyingselling process to you. You can ask for sellers to pay closing costs on your new home and you may be able to find a seller who will consider an offer contingent on the sale of your present home. This doesn't necessarily put you in the best bargaining positiion, but it can be done.
Make sure that you hire a Realtor ( you can put in the stipulation"commission payable at closing") who knows the market, knows how to determine whether a prospective buyer of your house has reasonable likelyhood to perform and can help you tailor the terms of any contract to your advantage wherever possible. It's not always about price. It can also be about terms.
Start interviewiing Realtors (call 3) and find one who knows your neighborhood and can give you a realistic idea about what you can get for your home and what you can afford.
All the best!
Margaret Shea
Every house can be sold as long as it's priced appropriately and properly marketed.

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August 21

Nancy Lee, "An OrderLee Home"
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Nancy Lee, "An OrderLee Home"

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Hi ph34rme,
I rented after selling. Each time I was able to negotiate a short term (three month) rental agreement that then went month to month. All of the landlords I I encountered wanted a year's lease, so it did take a little searching to find someone willing to be flexible. But, I had time to set up the rental while each of my house sales was closing.

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August 21

Debra La Plante, "thebestnjhomes.com"
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Debra La Plante, "thebestnjhomes.com"

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Contact a real estage agent in your area for help with all of your questions and concerns. They will be able to provide you with information on what your current home could be sold for as well as provide area statistics.
In addition, it sounds like you need to speak with a mortgage consultant. The mortgage consultant and real estate agent should be able to provide you with enough information so that you can make an informed decision on how best to move forward.
Also, don't be afraid to interview several people in these fields to find the ones that you feel are the most knowledgeable and that you are the most comfortable in working with.
The very best of luck to you!

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August 20

ph34rme
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ph34rme

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I've considered the renting after selling option. Did you actually get a year lease and keep looking or rent month to month until you were ready?

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August 20

Nancy Lee, "An OrderLee Home"
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Nancy Lee, "An OrderLee Home"

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This is the most successful way I handled this situation in the past:
1) Looked around enough to know the general location I wanted to live in and that there were regularly houses on the market that I would be willing to buy (did not actually chose a house)
2) Sold my house (once fsbo, once via an RE agent)
3) Tagged the equity I retrieved from the sale and the profit as being reserved for the next purchase
4) Moved into a rental - the cheapest I could find and wanted to live in
5) Modified my budget to move more money into the 'buy a new house' fund every month
6) Went house hunting, found one at a good price, purchased

This is the least successful way I handled this situation in the past:
1) Started the 'look around' process, found and bought a house
2) Paid two mortgages while I sold the first house (I bled money when I followed this process)

It is also sometimes possible to make an offer on a new house contingent on selling your current house. Iit is up to the seller to decide whether they will accept the offer, accept the offer with a balancing contingency (if we get a second offer, you have x days to initiate the purchase or you forfeit the house), or accept the offer but reject the contingency (this is how I got into the pay two mortgages situation).

Rental agencies do not typically sell house.

Given the number of questions you have, it would probably be a good idea for you to contact and interview several local RE agents. If you know of agents who successfully handle houses in your neighborhood regularly, contact them. Explain your situation, get their advice, choose one to represent and help you.

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August 20

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Information on selling and buying at the same time with special circumstances...?

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