Stuck - House will sell, but no houses to buy!
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
Exactly. And even if you could do some minimum bare % down payment without selling your place (like FHA for 3.5% or something conventional at less than 20%), you will still have a hard time because there are people out there putting down big down payments and waiving appraisal! It's a tough market for a buyer right now. I say sell, bank, and wait for things to settle down. |
Anonymous
snarky answer? than maybe you need to look at your financials a little closer and (a) aren't really ready to buy a new house or (b) buying something too expensive... realistic answer? make your own bridge loan, assuming you have decent credit, banks will still qualify you for way more loan than you should take, so if you have equity in your existing house use a heloc, raid your emergency fund, and hell you can even do a 401k loan and than pay all of those back once your existing house sells... |
Anonymous
Not always so simple Donald Tump. There may not be enough income to simultaneously carry two mortgages, regardless of being able to scrape together a down payment for the second home. Also, without all the equity, they may not be able to qualify for the best terms on the new loan. Sell the first home in this good market. Move into a rental. Find the ideal home while not being either panicked to buy or to sell. Sure, it involves an extra move, but it will enable you to have $ in the bank and make a strong offer and quick closing on a new home. If you rent a desirable place, you could even have more flexibility by subleasing if you find the new home during the term. |
Anonymous
both of these answers are just so unhelpful in so many ways... i started typing a response a couple of times but it's not even worth it. PP - if you need the funds (like many people do) then yes you are kind of stuck. i'd suggest selling and renting. alternatively, you can wait for market to be more buyer friendly and then buy when a home sale contingency probably won't be as big of a deal buster. you may have to wait a little longer to sell your own place at that time (or take a slightly lower price), but that's the way the markets work... |
Anonymous
how are these unhelpful, was not the original question what to do besides selling and renting? |
Anonymous
| At first I was terrified my home wouldnt sell. When it sold in a week, I was happy. It was then I began to see the change. Now I am terrified I wont be able to find a decent home while the rates are still low enough and people dont get crazy with asking prices. I keep going on Movoto RealEstate to check inventory stats. We are way below last years numbers but I am hoping that seasonal markets will see greater change now that people are more confident they can get asking for their home and not have it sit. C'mon people, and get off the sidelines! |
Anonymous
|
We're buying first, then putting our house on the market the minute we have a contract, hoping for a quick sale, and closing on the same date. Not sure if that will work out, but it did for a neighbor last fall. It was hectic to move out and move in on the same day, but it worked for her, and we're hoping it will work for us.
If the dates don't line up exactly, we'll pay two mortgages for a short time, but in this market, it shouldn't be very long. |
Anonymous
| I think it's because of people like you OP that the market is the way it is. Many people are in your shoes. They want to sell but fear they won't find anything. It's a bad cycle. If you are truly picky, as I am, perhaps you should sell your place while it's a seller's market and then rent until you find the right house. |
Anonymous
| I might be in a special situation, but I was able to buy first and then sell in Summer 2012. I was surprised the lender was ok with it, but they were. Worked out great. I did have one month where I had to make two mortgage payments but it was totally worth it. |