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

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

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[quote=Anonymous][quote=Anonymous][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]

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...[/quote]

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...[/quote]

how are these unhelpful, was not the original question what to do besides selling and renting?[/quote]

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