Pointers for buying a house while selling another?

[Big A]

We'll be needing another bedroom soon, which means buying a new house. I understand the mechanics of selling and buying, but I thought I'd ask those of you who've done it for your thoughts and pointers.

We're in a situation where we need to use the equity from the sale of the current house to buy the new one, and I'd prefer to not have to rent for any period of time if at all possible.

Is there a contingency loan, or something of that nature, where I can get approved based on on the the sale of the current house? My two big concerns are not having the full down payment until the sale finalizes, and the other is not getting approved for the amount I need. Credit score is a non-issue, nor is income, but I'll be looking to pick up a big enough mortgage that the unsold house is an issue.

Any thoughts or guidance is appreciated.

[Silverback]

don't close on the new house, until you close on selling your's. they you'll have the monies

[bcoop]

Make your offer on the new house contingent on the sale of the old house. For this to be reasonable, you'll need to already have your house on the market and the closings need to be close together. You can also try and do a leaseback on the old house. Of course, this means you'll have to pay rent to the new Owner.

My sis just sold her house, cash offer over listing, and they are doing a leaseback until June while they get the new house move in ready.

[Big A]

I understand that, I'm just hoping to be able to time it so as not to have to rent, thus the thought of either a contingency sale (no close until we've contracted a new house), or a contingency buy (no close until we have the house sold).

Both Sacramento and North Dallas are a seller's markets currently, and will presumably still will be when we're ready to move in another year or so. I'm hoping for it to flatten some in DFW by then, but it is what it is. Getting our house sold quickly for a good price shouldn't be an issue, timing the buy is my concern, and I don't want our situation to put us at a disadvantage when looking.

Another (rather unpleasant) thought would be to move in with family for a month or three, until we can get the house situation squared away.

[lowthreeohz]

Put your stuff in storage and get a short lease on an apartment. It'll suck, but less so than living with family for an undetermined amount of time.

[GeorgeG.]

We'll be needing another bedroom soon, which means buying a new house. I understand the mechanics of selling and buying, but I thought I'd ask those of you who've done it for your thoughts and pointers.

We're in a situation where we need to use the equity from the sale of the current house to buy the new one, and I'd prefer to not have to rent for any period of time if at all possible.

Is there a contingency loan, or something of that nature, where I can get approved based on on the the sale of the current house? My two big concerns are not having the full down payment until the sale finalizes, and the other is not getting approved for the amount I need. Credit score is a non-issue, nor is income, but I'll be looking to pick up a big enough mortgage that the unsold house is an issue.

Any thoughts or guidance is appreciated.

This is done all the time and not an issue as long as your house is on the market and the seller feels confident it'll sell. It's exactly as you stated, contingent on the sale of your house. If you need some advise, my wife can answer any questions you might have. (regarding real estate, that is)...

[Big A]

Make your offer on the new house contingent on the sale of the old house. For this to be reasonable, you'll need to already have your house on the market and the closings need to be close together. You can also try and do a leaseback on the old house. Of course, this means you'll have to pay rent to the new Owner.

My sis just sold her house, cash offer over listing, and they are doing a leaseback until June while they get the new house move in ready.

A leaseback could certainly be a possibility, I'm not looking to drag my feet in buying the new house, and am pretty sure that I can find something in our price range quick enough. We are particular about a few things, but not unreasonable, and from what I've seen on Zillow and Redfin, what we are looking for is out there.

[cool cat]

Don't fall for that 12% commission BS.

[bcoop]

Don't fall for that 12% commission BS.

lol

[bcoop]

A leaseback could certainly be a possibility, I'm not looking to drag my feet in buying the new house, and am pretty sure that I can find something in our price range quick enough. We are particular about a few things, but not unreasonable, and from what I've seen on Zillow and Redfin, what we are looking for is out there.

leasebacks are pretty common, but they are usually a pretty short time frame. I'm somewhat surprised that my sister was able to negotiate a 60+ day leaseback in to the sale.

[Big A]

Don't fall for that 12% commission BS.

It'll only be on the sell side, my realtor in Texas (best friend) will try to take no commission, but I won't let that happen. THen again, if he does just give me his MLS password and tell me to have at it, his commission may end up being pizza and beer.

[Baron Von Crowder]

Don't fall for that 12% commission BS.

Ha!

[Baron Von Crowder]

You coming back to town?

[Big A]

You coming back to town?

As soon as it's financially feasible. I spoke with my manager about it this morning, as that was my only concern in making the decision, and without hesitation he said he's all for it.

This will mean less frequent, but more important meetings with my CA clients, but it's also an opportunity to bring focus to the Texas market.

[Baron Von Crowder]

As soon as it's financially feasible. I spoke with my manager about it this morning, as that was my only concern in making the decision, and without hesitation he said he's all for it.

This will mean less frequent, but more important meetings with my CA clients, but it's also an opportunity to bring focus to the Texas market.

outfuckingstanding!