Profile picture for user4860482

Need some good advice from you pros

My house went on the market two weeks ago. I am looking to sell it and buy a better house. I am selling for the first time. I have been pre approved for a loan contingent on the selling of my house. The market in the price range I am looking in is bleak currently and I'm hoping it picks up soon. Anybody have any advice for this newbie regarding selling and buying at the same time??? I'm scared I'm gonna get a good offer on my house(which I want) before I find a place I like. I have two kids and am thinking I shouldn't accept an offer unless I have a house to buy. Is this the way to think??
  • November 24 2012 - US
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Answers (2)

Profile picture for wetdawgs
If your house is currently on the market, you should be prepared to accept an offer.   If you reject an offer  because you've not found a place to buy yet, your property will get a reputation that reasonable offers are rejected.  This basically makes your property 'toxic', so you are shooting yourself in the foot.   

What happens if you've not found something yet?   While it can be inconvenient, a month to month rental is  a good possibility.  You can make sure it is in the same school district, and make it an adventure for the kids (it is all in attitude, your attitude wins!).    Pack up all your stuff and put 90% or more in storage, after a couple of months you'll thrive in the lightness of less material possessions and wonder why you ever had so much stuff (voice of experience!).

Or, you can go the other way.   Take the current home off the market and then start looking for a new home.   The challenge of this approach is that you must be qualified for both mortgages.   Once you've bought a new to you home, it may be a month or two until you get an offer (i lucky) and another month or two until it closes.  Therefore, make sure you have the financial reserves for at least six months (or even a year) of double mortgage  and expenses.
 
We've done it both ways.   Although we only had to pay double mortgage for 3 weeks, it was extremely stressful - far more stressful than month to month rental.
  • November 24 2012
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Profile picture for NinaHarris
While easier said than done, I agree with Wetdawgs......More often than not, it's better to sell before you buy.  Most sellers will not go to contract on their property contingent on a buyer having to sell his home.  While you are inconvenienced for a short period of time by renting, you are in a much stronger position to purchase your new home.  Trying to time both a sale and a purchase is pretty difficult.

Good luck
  • November 24 2012
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