Home Buying in Flatlands>Question Details

Lupe, Home Buyer in Easton, PA

I would like to buy a new home and sell my current home. I will need the money from the sale of the first home as a down payment for the new one.

Asked by Lupe, Easton, PA Thu Mar 11, 2010

What are the first steps in this process.

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Answers

16
Hello,

You have a lot of good answers, I am a direct lender from Levittown NY I would love to go over your options with you. Suggestion: You can get a home equity line of credit up to 85% of the existing value of your current home and only have to start paying on it when the funds are used, This gives you leverage when looking for a new home and you do not need to rush to sell and ability to shop knowing you have assets you also have the option to rent your home out and have some one else pay sdown your mortgage over the course of the years.

it seems like you have had your questions answered i am a local mortgage bank and if you would like to come in and talk about all your options please call 516-233-4842 or email me vaiossa@unitednorthen.com

My address is 3601 hempstead tpk levittown NY 11756
closing on refi 14 days
veterans and military 100% financing
FHA 3.5% down
conventional 5% down
second homes in FL 15%
purchase closings 21days
0 votes Thank Flag Link Thu May 6, 2010
Lupe,

We answered earlier giving a real life example of something that happened to a neighbor of ours.

Here is another real life example, one which is happening to us right now. We have an example of a buyer (it is not our buyer) who sold her home first, and is currently in contract on one of our listings. This buyer sold and closed on her home without a contingency plan. She elected to rent for a few weeks under the assumption that the tenant would vacate the premises. So far, our seller's tenant has been playing hardball and is being very obstinate (to the chagrin and frustration of our seller). The former homeowner and buyer is being evicted from her temporary quarters tonight, as we write this.

In other words, the buyer has nowhere to go.

This is a horrendous situation, and one which we (and our seller) never expected to occur. As it stands with our property, the buyer can not yet move in.

So, when you are selling one property and buying another, it is crucial to ensure that you able to make firm living arrangements - even if it is a hotel or weekly rentals - in case there is a significant gap between the sale of your property and the purchase of the new one. We are not trying to alarm you; just to let you know what can happen when you buy and sell at the same time. It doesn't happen frequently, but you should speak to your attorney to build in contingencies on the sale side particularly.

At any rate, you will need a market analysis to see what your home is currently worth. Please feel free to give us a shout at 917-593-4068 and we'd be happy to provide you with comps and a free home evaluation. Most important, we agree with one of the responses that the two transactions should occur as close as possible.

We wish you the best of luck!

Best regards,

Bonnie Chernin and David Rogoff
E-mail: david@BestHomesInBrooklyn.com
Cellular: 917-593-4068
0 votes Thank Flag Link Fri Mar 19, 2010
Dear Lupe:

I was the first agent to answer your question (see my previous answer below). I just wanted to also let you know that if you get into contract to purchase another property by April 30, 2010 and close before July 1, 2010 you most likely will be eligible to get a $6,500.00 credit from the United States Government! See this link for more details on that:
http://www.realtoractioncenter.com/realtor-party/documents/2…

This was my previous answer to your question...

The first thing you should do is have a professional real estate agent who knows Brooklyn meet with you at your home and give you a formal education regarding buying and selling in today's market. You need to know how much your home can sell for, what types of expenses you will incur on both the sale and the buy and also what type of financing options are available to you with regard to your next purchase.

Once you know how much your home is worth you can prepare a budget and start looking at homes to purchase, at the same time you should put your home on the market and have potential buyers look at your property. By doing this you will have the greatest chance of pulling it off.

I have helped hundreds of homeowners do exactly what you are talking about and I would love the opportunity to help you. Please contact me and we can arrange to meet and I can give you tons of information and great advice that I know you will appreciate. There is no cost or obligation for this initial consultaion.

You want to do this as soon as possible if you want to take advantage of the $6,500.00 tax credit the government is offering to people just like you!
0 votes Thank Flag Link Thu Mar 18, 2010
Hello, I do many deals like this one. I always want to make sure my seller will have a place to live, so I always advise that the seller let me know exactly where they want to go, price range and how soon they want to move to the new location.

Once you know all the above information then you need to put your home on the market immediately. Why? Because if you need the money from the sale then you will need to get into contract as soon as possible. This way, if you find something you want to buy at least your home is in the process of being sold and you won't miss out on the home. If you're home is in contract and you find the home you want the seller of that home would most likely accept your offer and go into contract with you.

The important thing is the timing between the two homes and to get the closing dates as close as possible. This way, when you close on one house you can be prepared to close on the other and you can avoid two house payments. So the agent you choose will have to be experienced working on two deals at once and timing each of them. But just in case your home closes first you should have a plan to move somewhere, just in case the second home is delayed in closing. Fact is, this type of transaction is tricky and anything can happen in the world of real estate.

Rhonda Holt
Licensed Agent
Weichert Realtors, H.P Greenfield
Cell: 646-725-5941
Email: HelpMeRhonda1919@yahoo.com
Web Reference: http://www.RhondaHolt.com
0 votes Thank Flag Link Thu Mar 18, 2010
Hello Lupe. Your scenario is obvious. To answer your specific question exactly, your first steps in the process should be to contact a licensed realtor. A Realtor can let you know what your home is worth in the current market. They will advise you on the ongoing process and help with a offering staregy on the new house.

Selling a home and buying another is going to be stressful so, let your realtor handle it for you. This is just a small example of the added value a Realtor will bring into this process.

Good luck.
0 votes Thank Flag Link Sun Mar 14, 2010
From a financing prespective there may be options for you to bridge the gap between selling and buying like a home equity loan for example. Call me to discuss your scenario and go over all of your options.
0 votes Thank Flag Link Fri Mar 12, 2010
Hi Lupe,
We are dealing in short sale properties in Brooklyn/Queens/Bronx, NY Metro. From your question it feels like you hv equity in your existing property. ? But would love to help u in your purchase part of the transection.
http://www.goforshortsale.com
718-775-7557
0 votes Thank Flag Link Fri Mar 12, 2010
This is a process that can be stressful. Selling a home is a lot on it's own but buying at the same time must be coordinated properly. There is a lot of variables to it. I f you need the money from the sale to buy you cannot commit to a new house until your house is in contract and the buyer has a firm mortgage commitment. For a free book written by Michael Reinhardt a Brooklyn real estate lawyer, Buying or Selling Your Brooklyn Real Estate Does Not Have To Be Stressful!, go to , http://www.brooklynrealestateblog.com/?p=587 this is free without obligation. I hope this helps.
0 votes Thank Flag Link Fri Mar 12, 2010
Dear Lupe:

Our advice is to ensure to the fullest extent possible that both the buy and sell side of the transaction is professionally managed. Always have a contigency plan prepared in case the trandactions hit a speed bump

Our former neighbor sold his home and contracted to purchase a new one in NJ. Unfortunately unusual events occurred and the NJ transaction fell apart. He was still obligated to sell his home and it was now a fire drill to find alternate housing for his wife and 2 kids.

He found a 3 bedroom apartment in Brooklyn and eventually purchased another home around the block from his original Brooklyn residence. Imagine the costs and emotional turmoil he went through.

We would be glad to discuss your future real estate plans with you.

Best regards,
Bonnie Chernin and David Rogoff
Coldwell Banker Mid Plaza.
917-593-4068
david@BestHomesinBrooklyn.com
0 votes Thank Flag Link Thu Mar 11, 2010
Lupe,
The first thing you should do is contact a Realtor to give you an estimate of your property. Call me if you would like a free home market evaluation. Once you know what you can expect to get for your home, go out and take a look at some properties...see what you like and how much they cost. If there is any difference between what you can expect for your home and what you will need for the new property, you will want to contact a mortgage broker for a pre-approval and/or pre-qualification. Many agents and sellers require this type of documentation to work with you and view properties. In this market, it could take a little longer to sell your home than maybe three or four years ago, so start the process as soon as possible. I look forward to speaking with you about how I might be able to help and providing you about information on the value of your home.
Best Regards,
Janine Acquafredda, Licensed Real Estate Salesperson
Weichert, Realtors - The Franzese Group
(917) 584-7685 - nycrealestatepro@yahoo.com
0 votes Thank Flag Link Thu Mar 11, 2010
Hi Lupe,
I believe the first step will be to find a great agent who knows the area where you want to sell. Interview several agents to see what they know and what they will do to market AND get your home to closing. We don't work in your area, so this is only good advice!
Get a really good feel for how much money you will walk away with and how long it will take. Then, find an agent who really knows the area you are buying in. Try a few agents - go out and see properties and get a feel for how they work, how quickly they respond to you and how much you like and trust them. Get a feel for where you want to be and is this the right time for you to move. Go to see a bunch of homes where you want to buy. Then, list your home with the best person for you and if that happens to be the same best person for the area where you want to live, that's even better, because they will keep the process rolling.
Best of Luck!
Jeri and Henri
0 votes Thank Flag Link Thu Mar 11, 2010
Hi Lupe:
I would love the opportunity to visit with you to view your home and discuss the options you have. since you already know that you need the money from your current house to purchase a new one, I would suggest that you put your home on the market as soon as possible so you will know your budget. please give me a call
so we can set up an convenient time.
Madeline Padovano
Fillmore Real Estate
347-668-7623
0 votes Thank Flag Link Thu Mar 11, 2010
Lupe,

It is important to find someone that can help you put togerther a sound plan. I agree with Dan in that you should definitely sell first and have cash on hand before entering into a new home purchase. Best of luck and if you need some help I would be more than happy to go over things in much more detail with you.

Best Regards,
Angelo Morales
Licensed Real Estate Agent
Exit Realty Top Properties
Office: 718-256-4000
Direct: 347-702-3809
Email: amorales.re@gmail.com
0 votes Thank Flag Link Thu Mar 11, 2010
First, never buy until you have cash in hand from the sale of your current house. That means sell then rent for awhile until you find what you want to buy.

Either sell the house on your own using a site like http://www.forsalebyowner.com and following
http://www.trulia.com/blog/rockinblu/2008/08/thinking_about_…
sell it yourself. Or contact a realtor and put your place up for sale today so the poor suckers who want to buy a house before the free $8k goes away are not as interested in buying.
0 votes Thank Flag Link Thu Mar 11, 2010
Start by interviewing agents and choosing the one you like best--review recently closed similar properties in the immediate area and establish a fair listing price--keep in mind that pricing and marketing are paramount. Once your home is listed, you may wish to consult with any qualified loan officer(s)-- determine your budget, check your credit score, check out all your options especially if you curruntly have a mortgage. Since you need to sell first, it may be wise to wait until you are in contract before making any offers on your future new home--
0 votes Thank Flag Link Thu Mar 11, 2010
Dear Lupe:

The first thing you should do is have a professional real estate agent who knows Brooklyn meet with you at your home and give you a formal education regarding buying and selling in today's market. You need to know how much your home can sell for, what types of expenses you will incur on both the sale and the buy and also what type of financing options are available to you with regard to your next purchase.

Once you know how much your home is worth you can prepare a budget and start looking at homes to purchase, at the same time you should put your home on the market and have potential buyers look at your property. By doing this you will have the greatest chance of pulling it off.

I have helped hundreds of homeowners do exactly what you are talking about and I would love the opportunity to help you. Please contact me and we can arrange to meet and I can give you tons of information and great advice that I know you will appreciate. There is no cost or obligation for this initial consultaion.

You want to do this as soon as possible if you want to take advantage of the $6,500.00 tax credit the government is offering to people just like you!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Cellular: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Mar 11, 2010
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