Reply to Stuck - House will sell, but no houses to buy!

Forum Index » Real Estate

Reply to "Stuck - House will sell, but no houses to buy!"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It seems impossible to purchase a starter home with a sales contingency.  The houses are under contract within days.[/quote]

Confused, if it's your starter home why would you need a sales contingency?

Either way, prepare your house to sell, keep looking for a house and[b] if you land one, than you put your place on the market and try and get the timing to work out.[/b] Normal people do this all the time.[/quote]

But how can this work in hot areas if homes in such areas sell in a matter of days?[/quote]

ummm... because houses are selling days?  why wouldn't it work... just did this last spring... got an offer accepted on a new place after losing out on a couple, went ahead and closed on the new house... then put ours on the market (the only reason we waited to put ours on the market was that we had given a 2 month rent back on the new house)... got a contract in 2 days on our current house and negotiated a closing 1 week after we got access to the new house... done...[/quote]

But what if you need the funds from the current house to buy the new house (and to qualify for the loan for the new house)?[/quote]

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.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics