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Answers (10)
- PATRICIA AMADI, "highintegrityrealty"
- Contributions:120
The first step is to call a Lender and determine if you're qualified to purchase a $690K home. Find out how long it will take to sell your house since your house will be on the market as "Standard Sale". Hopefully, your friend will be willing to negotiate with you. But, don't hold your breathe because your friend may have other plans that has not being disclosed to you.
- Ron Burgundy, "Phillies_dynasty"
- Contributions:43
I would like to add that my house is paid for and would only need to finance $200k if my house sells soon or around $400 if it doesn't sell right away.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
The first thing that I noticed was that you are selling a property that you thinkg will sell between $190-$220 and going to buy one for $690 that is a substantial jump. My first question, is your present home paid in full? Secondly, have you been pre-approved to purchase a $690 home? Nowadays, that properties are taking so long selling, if I were a seller, I would not accept a contingency to sell whether the home is being listed by a realtor or FSBO. First and foremost, talk to a lender to establish your financial ability to purchase your friend's home. When you put your home on the market as a FSBO remember that since you are not paying a commission to the listing agent, only to the buyer agent, your price should reflect those savings. Likewise, your friend's home should reflect a full commission reduction since neither buyer/listing agents will be involved. I hope you are all still friends at the end of this transaction. Good luck!
- Arpad Racz, "aracz"
- Contributions:206
Hi Dan,
It would be a good idea to make sure the other house does not sell while you are trying to sell yours. Try to find out what the average days on market are for a home in your neighborhood, and see if the owner of the house you want to buy is willing to wait for yours to sell.
Good luck with the sale.
Arpad
It would be a good idea to make sure the other house does not sell while you are trying to sell yours. Try to find out what the average days on market are for a home in your neighborhood, and see if the owner of the house you want to buy is willing to wait for yours to sell.
Good luck with the sale.
Arpad
- Dan, "the_country_hick"
- Contributions:4699
Below are 2 blogs written by someone who sold FSBO.
This one gives the basic ideas of doing it yourself.
"Thinking About Selling as a FSBO?"
This one talk about searching for a realtor just in case.
"I've Got My Fingers Crossed."
You can make an offer contingent on selling your house. Since many other sellers know how long it is taking to sell they will likely not accept it unless they are desperate and include something that says if they get another offer you will only have x amount of time to buy or lose the chance.
Personally, I would not buy a much more expensive house now. Prices are still falling and will for 2 more years, perhaps longer AND the increased property taxes will really hurt. In some communities property taxes have really gone sky high.
This one gives the basic ideas of doing it yourself.
"Thinking About Selling as a FSBO?"
This one talk about searching for a realtor just in case.
"I've Got My Fingers Crossed."
You can make an offer contingent on selling your house. Since many other sellers know how long it is taking to sell they will likely not accept it unless they are desperate and include something that says if they get another offer you will only have x amount of time to buy or lose the chance.
Personally, I would not buy a much more expensive house now. Prices are still falling and will for 2 more years, perhaps longer AND the increased property taxes will really hurt. In some communities property taxes have really gone sky high.
- Kerry Cybulski, "kerryrealestate"
- Contributions:143
Ron,
Getting your house sold first would be the ideal situation. If that is not feesable then you should talk to your lender about if it is possible to buy the new home and also still own the current home. You can buy the new home contingemt on the sale of your home. No offense, Ron, but you have a better chance to sell your home thru a Realtor than on your own. This would allow you to sell your home and then purchase the new one with peace of mind. If there is anything I could do to help you out please contact me and Good Luck
Kerry Cybulski
Prudential Select Properties
[contact info removed by moderator]
Getting your house sold first would be the ideal situation. If that is not feesable then you should talk to your lender about if it is possible to buy the new home and also still own the current home. You can buy the new home contingemt on the sale of your home. No offense, Ron, but you have a better chance to sell your home thru a Realtor than on your own. This would allow you to sell your home and then purchase the new one with peace of mind. If there is anything I could do to help you out please contact me and Good Luck
Kerry Cybulski
Prudential Select Properties
[contact info removed by moderator]
- Drew Ludlow, "DrewLudlow"
- Contributions:505
If I were a Seller, I would not accept a contingency based upon a Buyer having to sell their home By Owner.
No offense taken in your desire NOT to use a Realtor. But the statistics speak for themselves. In our market, less than 10% of homes sold are done By Owner.
So, as a Seller, considering a contingent offer from a Buyer representing themselves, it would not seem like a smart chance to accept and hope that they can overcome the dismal odds of selling By Owner.
No offense taken in your desire NOT to use a Realtor. But the statistics speak for themselves. In our market, less than 10% of homes sold are done By Owner.
So, as a Seller, considering a contingent offer from a Buyer representing themselves, it would not seem like a smart chance to accept and hope that they can overcome the dismal odds of selling By Owner.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
One of the easiest solutions is a cross-collateralized loan. This allows you to purchase prior to your current home selling or finding a tenant.
- Christine McGinty, "whitemountainagent"
- Contributions:273
First of all, do you have the knowledge and expertise to maneuver the sale of your home? There's more to selling a house than putting a For Sale sign in your yard and running an ad in the local paper. There's advertising expenses, contracts, negotiations and inspections just for starters. An agent will represent you, advertise, put your property on the MLS and other venues for maximum exposure. Will you know if that person coming through your home is a viable buyer, some unqualified person just looking or possibly someone casing your house? Do you know what needs to be included in a contract to keep you from possible litigation later? An agent is a not only knowledgeble about the market, but have the ability to screen people going through your home and is a buffer zone between you and that buyer or that buyer's agent. This is money well spent.
Next, you need to determine the best time and way to purchase your next home. Contingencies are rarely used anymore. Seller's want to sell now, not wait for someone to sell their home in this market. There's a lot of competition out there and remember this is a buyer's market, not the best seller's market. Your agent can get you in contact with a reputable lender to assist you in the lending process and since interest is at historical lows, a mortgage might be a good option for you. You may want to consult your tax/financial advisor to determine what would work in your best interest and financial situation.
I generally suggest clients sell their home first then start looking. There's no sense looking for properties and getting your heart set on a home and not be able to sell your house. That doesn't mean you can't keep an eye on the market so that when you are ready to buy you have some knowledge of the current market.
Next, you need to determine the best time and way to purchase your next home. Contingencies are rarely used anymore. Seller's want to sell now, not wait for someone to sell their home in this market. There's a lot of competition out there and remember this is a buyer's market, not the best seller's market. Your agent can get you in contact with a reputable lender to assist you in the lending process and since interest is at historical lows, a mortgage might be a good option for you. You may want to consult your tax/financial advisor to determine what would work in your best interest and financial situation.
I generally suggest clients sell their home first then start looking. There's no sense looking for properties and getting your heart set on a home and not be able to sell your house. That doesn't mean you can't keep an eye on the market so that when you are ready to buy you have some knowledge of the current market.
- Bija Satterlee, "Bija Satterlee"
- Contributions:24
If you are ready to both sell (saying goodbye to your old house) and buy a new one, and you need to use the proceeds from your sale for your purchase, you need to structure your transactions carefully. I do this frequently, and I recommend starting from the financing standpoint.
1) I recommend having a Realtor (or two) give you a full CMA on your property to see what it would likely sell for in today's market. Respect their time, and do consider using one, since they may bring you a higher price, and coordinate the purchase as well.
2) once you know what you can get for your property, speak to a lender and find out what you could qualify for in terms of a loan. They may be the deciding factor ($200 or 400 etc).
3) Then you should have a GREAT agent represent you for your purchase. I normally have my buyers combing the market while their home is for sale, and once you have a solid sales contract, with few contingencies left, your offer on a new place will be taken seriously. To put in an offer before you have done ALL this homework does not give a prospective seller much confidence in you. But for your Buyers Agent to arrive on their doorstep with a valid offer, pre-approval letter, and few contingencies left on your sale, it becomes more likely YOUR offer will be chose with the new house. Preparation is key::: that's my recommendation and I do it all the time, so far without any deals falling apart! BEST OF LUCK!
1) I recommend having a Realtor (or two) give you a full CMA on your property to see what it would likely sell for in today's market. Respect their time, and do consider using one, since they may bring you a higher price, and coordinate the purchase as well.
2) once you know what you can get for your property, speak to a lender and find out what you could qualify for in terms of a loan. They may be the deciding factor ($200 or 400 etc).
3) Then you should have a GREAT agent represent you for your purchase. I normally have my buyers combing the market while their home is for sale, and once you have a solid sales contract, with few contingencies left, your offer on a new place will be taken seriously. To put in an offer before you have done ALL this homework does not give a prospective seller much confidence in you. But for your Buyers Agent to arrive on their doorstep with a valid offer, pre-approval letter, and few contingencies left on your sale, it becomes more likely YOUR offer will be chose with the new house. Preparation is key::: that's my recommendation and I do it all the time, so far without any deals falling apart! BEST OF LUCK!
Looking to buy a house and sell mine
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- 0.0/5.0
- (no reviews)
Contributions:43Can I make an offer on the new house and list my house both contingent on if my house sells within 2-3 months?
or
What other angles should I try?
Also, should I be getting a mortgage for $200k or $400k?
Any help would definately be appreciated!
-Ron
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