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Buying and Selling a house at the same time
Posted on 8/24/14 at 7:03 pm
Posted on 8/24/14 at 7:03 pm
Wife is pregnant and we're looking to get a new house (lower loan/payment so she can be a stay at home mom).
With the recent boom in Houston I have a decent amount of equity that I can put into a new house and make the payment more than reasonable. We've been looking at a few different houses online and will go look at them soon, be we'd obviously also need to sell our current home.
Anyone have any experience? I'd rather not be homeless for a month or two. I plan on making an offer and then working to sell the current house. I guess my main hope would be that the seller would be accommodating and allow me 2 months or so to sell? I assume that can b built into the offer.
With the recent boom in Houston I have a decent amount of equity that I can put into a new house and make the payment more than reasonable. We've been looking at a few different houses online and will go look at them soon, be we'd obviously also need to sell our current home.
Anyone have any experience? I'd rather not be homeless for a month or two. I plan on making an offer and then working to sell the current house. I guess my main hope would be that the seller would be accommodating and allow me 2 months or so to sell? I assume that can b built into the offer.
3
Posted on 8/24/14 at 7:35 pm to tylercsbn9
You can make an offer to purchase contingent on selling your house, but unless you are already under contract, or at least actively listed, your offer will be considered very weak.
You can also ask to lease back your old house to stay there after closing and/or move in prior to closing on the new one so you don't have to take on temporary housing.
Good luck!
You can also ask to lease back your old house to stay there after closing and/or move in prior to closing on the new one so you don't have to take on temporary housing.
Good luck!
Posted on 8/24/14 at 7:53 pm to tylercsbn9
Posted on 8/24/14 at 8:07 pm to gizmoflak
quote:
You can make an offer to purchase contingent on selling your house, but unless you are already under contract, or at least actively listed, your offer will be considered very weak.
That's what I was thinking. There are twpo in particular that we like. One of which is in the current neighborhood. Homes are flying off the shelf like crazy in Houston right now, so I do have that going for me. My value has gone up like $50K in the last two years.
The other house we like is in an older, mature neighborhood. From what I can tell via public record, it is owned by the guy that manages the real estate firm selling the house. They have good reviews, so my hope if we like that one is that we'll put in an offer at the same time we talk to them about listing our house. I am hoping that could help us in the situation.
Posted on 8/25/14 at 2:10 pm to tylercsbn9
Another question should be are you able to support both mortgages if your original home doesn't sell right away?
Just depends on the seller - our secretary sold her home in Shepard and wanted to buy a house in Pasagetdowndena, but the seller kept delaying the closing. She finally had 3 weeks of "no house" and they had to stay in an extended stay
Just depends on the seller - our secretary sold her home in Shepard and wanted to buy a house in Pasagetdowndena, but the seller kept delaying the closing. She finally had 3 weeks of "no house" and they had to stay in an extended stay
Posted on 8/25/14 at 4:23 pm to idlewatcher
I could for a short period of time. The market is crazy right now homes are going fast from what I can tell in the Houston market.
I think my wife and I may end up looking at some new builds in Cypress. Cookie cutter isn't ideal, but its a good option for my family.
I'm going to go look at some models this weekend I think and talk to them about it. I assume if building, it makes it a little easier since I can have a time table of 3 or 4 months for them to build and during that time I'll sell.
Guess extended stay could be an option for a few weeks if needed. Or I could live with my parents, but driving from Katy to Tomball for work would be a bitch.
I think my wife and I may end up looking at some new builds in Cypress. Cookie cutter isn't ideal, but its a good option for my family.
I'm going to go look at some models this weekend I think and talk to them about it. I assume if building, it makes it a little easier since I can have a time table of 3 or 4 months for them to build and during that time I'll sell.
Guess extended stay could be an option for a few weeks if needed. Or I could live with my parents, but driving from Katy to Tomball for work would be a bitch.
This post was edited on 8/25/14 at 4:24 pm
Posted on 8/26/14 at 1:25 pm to tylercsbn9
quote:
The market is crazy right now homes are going fast from what I can tell in the Houston market.
I'm also in Houston so I know exactly what you're talking about. My gf's house in Oak Forest is a tiny 1,400sqft home - they are flying off the market at 425k.
quote:
but driving from Katy to Tomball for work would be a bitch.
My buddy does it everyday at Newpark. He lives off 1960 by the mall and drives to Fry Road on Bwy8 and it's not too bad.
There are some great homes off N Gessner in gated communities. My brother lives there and the houses are great and not too pricey.
Good luck and keep us posted
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