Cookie On My Mind
My husband (25) and myself (27) had bought our first home (a nice townhouse) about three years ago. The townhouses in my area are already selling for about $30,000 more than what we had bought ours for. We just found this really nice ranch home we love, right across the street from my hubby’s grandmother’s home and my hubby actually knows the man who is selling it pretty well. Anyway, we’re really interested in going ahead and purchasing this home. What are the steps to go about getting a new home. I remember how stressful it was to buy our first home – and that was half as bad, because we were just in an apartment before. So I’m really anxious and have no idea where to begin. Any advice? Thanks!
By the way, our townhouse is not yet on the market.
I’m scared of going ahead and planning on buying another home and then having my home end up not selling, etc.
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Couple of things……..are you sure you could sell your townhome quickly. You could make an offer on the house you love with a contingency that you sell your place. If you make really great salaries, possibly you could qualify for two mortgages (the old and new one)
russell 2000 performance
If your income will support it, you can still by the Ranch house. Just tell the bank you plan on renting it out. You can also sign a contract with a contigency that says you will buy the ranch pressuming your condo sells.
Koop een ander huis niet zonder uw huidige te verkopen. TE GEWAAGD. Mijn buren ondertekenden een contract voor een nieuw huis dat in Juli klaar zal zijn. Ondertussen heeft zijn huidig huis tweemaal fell uit borg en hij worstelt te verkopen. U wilt niet in die situatie zijn.
What I would suggest (I am an agent) is to put your house on the market with what is called a CONTINGENGY clause in the listing.
It would say “Subject to seller (you) finding a new home of their choice and both escrows closing concurrently.”
So what would happen is you are not bound to sell or move unless you find a home you like.
This is a common practice in real estate and it’s normal in most instances like yours.
The buyer buys your place with the understanding that if you don’t find a place you like that you are under no obligation to sell.
You should do it in steps.
Step 1. Put your place on the market Listed with that contingency. This is key as nobody will take their place off the market unless yours is sold or at least on the market. If you say that you haven’t sold it or put it on the market they’ll tell you to come back when you have got step 1 done so do that first.
Step 2. Once your place is on the market, if you can, wait until its sold to go shopping for a place. Reason being is that when it’s sold with that contingency you are a much better buyer and thus you can negotiate a better deal. The person who has their house on the market not sold is not as valuable as the one that has their house with a buyer in escrow already.
Remember you want to get yours in escrow first and then go into escrow on the other.
Also important that you remember that on the escrow on the one you are BUYING that you put that same contingency in there.
All you have to do is tell your agent you need the contingency clause in there and they’ll know what to do.
For free advice if you go to the site below and see an email address you can email that and I’ll refer you to a top agent in your area that can get you top dollar.
Also they specialize in your area and for no obligation will give you a free market evaluation.
If also you are curious as to what your place is worth go to site below and click on PROPERTY RESEARCH on the first page. Then it will show your house there with a picture of it and what its worth based on factual data where you live.
It is possible to acquire a loan to buy that ranch house even though you currently own a home. You can finance it as a second or vacation home as long as you qualify for the loan. If you have equity in your home and want to use it as a down payment, then a bridge loan might be the answer. A bridge loan allows you to pull equity out of your existing house for the purposes of buying another house. Usually, the payments are escrowed so there are no out of pocket payments for 6 to 9 months. After that period the loan is due in full. What I suggest you do is sell the townhouse first before entering into a purchase contract or at least have a qualified buyer commit to buy your townhouse. I have seen this dream turn into a nightmare for so many people. They find a house they want and buy it thinking that they will sell thier present property with no problem. Months later, they can’t sell the house no matter what they do, and they are stuck making two mortgage payments that is crippling them financially. Unfortuantley its a scenario I see alot. I have one client that owns 6 properties that he can’t sell. His wife left with the kids and she filed for divorce.
Talk with a real estate professional that is familiar with the buying trends in your area. There are many real estate agents but most of them are just salemen that are looking for a commission and aren’t worried about your financial future. If the real estate agent is honest, they will tell you how long it is taking for similar properties to sell in your area. I have seen properties stay on the market for over a year but that will depend on whats going on in your neck of the woods. I know you may want to jump on the house right away but having some emotional intelligence will be important. Think about what your current bills are and ask yourself if you could afford another mortgage payment and for how long. If you can’t afford the worse case sceanrio, then you may want to make sure your townhouse sells before you get into that ranch house.
Hope this helps.
Mortgage and Finance Professional 8 years.