Home Buying in Congress Park>Question Details

j.biesiada, Home Buyer in Denver, CO

Ideas please. We own a condo in Congress Park. It's an awesome one bedroom, with a murphy bed,

Asked by j.biesiada, Denver, CO Fri Nov 8, 2013

and a huge patio and garden area... we need another bedroom though because we have a 1 1/2 year old and it's getting tight. We plan on livin gin the same area, and can take our time looking. However, when the perfect perfect is available, I don't want two mortgages! and I think i'll need the $ earned on this place for a downpayment on the new place. What do I do? sell it first then rent until we find the perfect? any ideas?

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Answers

25
How'd this work out for you? I lived in Congress when my eldest was that age and loved it; stayed for ten years! I was a bit of a CP snob but now I live in Park Hill and I can't imagine living anywhere else. You may have solved your problem by now, and it's a common one we're dealing with in this market. I've had lots of luck closing both a sale and purchase, let me know if you need any assistance.
0 votes Thank Flag Link Tue Nov 4, 2014
You can make the sale of your current place contingent on finding a replacement property
0 votes Thank Flag Link Mon Jul 14, 2014
My little bit of advice: I have talked to a lot of sellers lately who sold their property, hoping to take the proceeds and buy a new place. The problem is that inventory is so low right now that when you sell your current residence, it might take you a lot longer to find your new home than you might have initially expected.

If you sell your house/condo before you find a new place to buy, I'd recommend trying to work with the landlord of the new place you lease to see if they will write into the lease contract a provision that allows you to break the lease without huge penalties if you find a place to buy, as long as you give them 30-60 days notice.

Talk to your potential landlord early on, and ask them if they have flexibility in letting you terminate the lease early if you find a place to buy. Some landlords might be willing to accept a fairly small payment up front for the right to terminate your lease early without penalty later. It can be a life-saver to have that stuff planned out in advance.
0 votes Thank Flag Link Tue Feb 11, 2014
Hi j.biesiada: Your concerns are valid. And they are the same concerns that seem to be holding a lot of potential listings off the market right now. With low home inventory, finding the "perfect perfect" home right now is difficult even if you don't feel pressured to buy something quickly. Having two mortgages is not ideal even if you rent your current condo and the monthly rent pays that property's mortgage. And, of course, the down payment problem you mention does exist. Even if you can scrape together a small down payment for your next home, you will probably want to refinance once your current home sells. Unfortunately, no one knows where mortgage interest rates are heading, though it seems unlikely they will rise too much during the next year. But there is some uncertainty there. So your stated solution of selling, then possibly renting while you look is probably among your best option. It can feel uncomfortable to move twice, but probably not as uncomfortable as some of the other solutions. HOWEVER, you might consider doing a little more homework. Check with a good mortgage broker about what is possible given your current circumstances. And talk to a good real estate agent about availability of listings in your target price and area. There is some variation. An agent may also help you find available homes that are not yet listed. Finally, you might want to consider new construction or find a "flipper" who owns one or more homes in your target area. (Flippers are people who buy homes and fix them up to sell quickly.) There is a lot of flipping going on in Denver these days as more young people move back to the city. The advantage of new home or a home under renovation is that you will have time to sell during the construction process and may be able to time the sale so you can move directly into your new home. One thing though. Always use a RealtorĀ® when buying new or renovated properties. It should not cost you more and, especially when buying new, there are issues you generally won't experience buying an existing home because builders do not have to abide by all Colorado Real Estate Commission rules. Let me know if this helps. Best, Ron Rovtar, Berkshire Hathaway HomeServices/Real Estate of the Rockies.
0 votes Thank Flag Link Tue Feb 11, 2014
Got you covered. I have lived and worked in Congress Park for the past 30 years and have been a successful real estate broker for the past 20 years. Please contact me: Kevin McCoy, 303 564 7304 and we'll exchange email addresses. I'll do a free market analysis on your condo, find a buyer in our office and begin looking for your next home for you & your family. I'll walk you through the process with the goal of closing your condo for sale and your new purchase on the same day.
0 votes Thank Flag Link Sun Feb 9, 2014
Place your home on the market and sell. A good agent can help you in making both purchases line up. As for timing, the market is very ...BRISK would be an accurate word ... right now, so be prepared to make a faster decision.
0 votes Thank Flag Link Tue Nov 19, 2013
Good day! if selling then renting and then moving again is an option [may not be with a little one] then that would be the way to go. However moving twice can be tough and the rental market is tight. You also pay to move twice. Same day closings are not that difficult if you have a great Realtor! The answer lies in how you respond to an offer. If you would like to know more just give me a call! I wish you all the best. And yes, ALL buyers need to be pre-qualified. Brenda
0 votes Thank Flag Link Mon Nov 11, 2013
You should get your current property listed right away and begin your search for the new home.
Be prepared and talk to a lender early to get qualified for your new loan so you can act quickly when you find the right place. being pre-qualified may help your negotiations with the seller and put you ahead of unqualified offers.
0 votes Thank Flag Link Sun Nov 10, 2013
Hello j.biesiada,

Thank you for your question! I am a specialist in situations such as yours. My recommendation is to meet with me and so I can see your condo and we can also determine if there are properties you like on the market right now.

If there are, then we list your home and start actively looking for your next home. There is more to my plan but I will tell you upon meeting you.

I have prepared a Market Analysis of your condo and when I see the condo in person I can give you a closer estimation of the value of the condo.

Click the following link and then press download for the Market Analysis:

http://bit.ly/1biRdiD

Call me so we can set up a time to meet.

Thanks,

Ethan Besser

Ethan Besser, ILHM, CDPE, CNE, IMSD
Broker Associate
Keller Williams
Cell: 303.856.8980
Fax: 303.539.4809
besser@kw.com

Mobile App: RealEstateColoradoNow.com/mobile

http://www.TopDenverLuxuryHomes.com
http://www.RealEstateColoradoNow.com
http://www.DenverRealEstateNow.net

The Besser Choice in Real Estate!
0 votes Thank Flag Link Sun Nov 10, 2013
J.beisiada,

Good answers below. I have done some simultaneous closings. This is the best scenario. It takes a lot of dominoes falling into place together; but that would be the ideal situation. It would involve contingent offers and a lot of cooperation and understanding with all parties along the way. It does sound like it is time to make that move with the tight situation you have now.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Nov 9, 2013
Hello J.Biesiada!

I agree with all of the responses posted, as all offer very good suggestions. I can certainly understand your concern about having two mortgages. The best scenario is that you sell your condo and then you turn around and buy your new home. That is if you do find your perfect new home and then you can do a back to back transaction... Sell and then buy. That way you do avoid having to either move twice or have two mortgages - Have you spoken to a lender to help you determine what you are looking at for a price range, help determine what you will need for your new purchase? Many lenders may be able to offer options that may help avoid two mortgages as well as to help you finance a new home. I know several lenders that are very knowledgeable and would be able to provide you with more information. Please let me know if I may help you further. Currently, there are 17 active listings and 71 have sold within a 6 month period. Please feel free to contact me at 720-373-3333 Thank you!

Celia Chavez Wise
0 votes Thank Flag Link Fri Nov 8, 2013
List your current property contingent upon you find another suitable home.
When you find another home write that offer contingent upon the successful sale and closing of your current home.
Start looking and get an idea of where you want to live. When you get an offer on your current home then you can put in an offer contingent upon the successful closing of your condo.
In this market the sellers are probably not going to consider an offer if the condo doesn't have an offer on it.
Call me for further information..720-231-5200
0 votes Thank Flag Link Fri Nov 8, 2013
All of the suggestions provided are on target. However no one has asked, would you be willing to stay in the condo? The reason I asked have you approached your neighbors i.e. adjacent and above if they would be willing to sell their condo to you and to do a combine into a larger unit.

Of course you would have increased common charges and some construction, however you would have a larger unit to grow into if you wish and flexibility when reselling i.e. as one large unit or place wall back and sell as two units or rental and so forth.

Congress Park has a limited inventory or larger condos south of 14th Ave, thus an option to consider esp. if one of your adjacent neighbors may be interested in selling.
0 votes Thank Flag Link Fri Nov 8, 2013
All of the above suggestions will work. I addition you may also want to look into lease back option of your condo, till you find a place of your choice. This way you have to move only once.

Munish Rajpal
Cherry Creek Properties, LLC
720.635.6617
mrajproperties@gmail.com
0 votes Thank Flag Link Fri Nov 8, 2013
First start with talking with a mortgage broker so they can work with you on what you can qualify for and what your monthly payments should be. They can talk to you about the different options and let you know if you can do a bridge loan or possibly turn one of the condos into a rental. You can also look at selling your condo and then renting until you find the right place OR you can put your condo on the market and once you receive an offer look for your next place. Some mortgage brokers I have worked with that can help you are: John Palmer from Megastar 303-282-9500 and Karla Kyte from the Mortgage Company 303-525-9077. If you would like a free market analysis on what your condo is worth and what is for sale in the area, please feel free to give me a call. I live in Park Hill and know the area.

Cheers,
Nina Kuhl
Cherry Creek Properties
303-913-5858
0 votes Thank Flag Link Fri Nov 8, 2013
Start looking and also get the property ready for market. You can make an offer on a new place once your current place has a contract. Plan on this taking 30-45 days from offer to close.

You can make the purchase contingent on the final sale.

Good luck to you.
0 votes Thank Flag Link Fri Nov 8, 2013
Hello,

I concur with all of the responses below. I have a qualified buyer looking for a property in Congress Park and the description of your condo would appear to meet my buyer's needs. Therefore, we could potentially assist you with finding a new larger property to purchase while timing it all to meet your needs too.

Please call to discuss further.

Michael Turner
Lead Properties
720 300 0889
0 votes Thank Flag Link Fri Nov 8, 2013
I have a well qualified buyer looking for a congress park condo right now . Please call me to see if it may be a good fit- they are flexible with moving so it could give you time to find your next home! Cell 303-525-5733
Nora Olson Lasky
The Kentwood Company at Cherry Creek
0 votes Thank Flag Link Fri Nov 8, 2013
You have a very common situation. Most people put their home on the market, while getting your financing set up and looking for a replacement home. Your agent will have to specify in the listing, that you have a contingency on finding a replacement home. The new buyer would have to be flexible with the closing dates. If you are looking for an experienced agent to help you with this process, please don't hesitate to call me.

Marina Bay
Cherry Creek Properties
303-880-6167
baymarina@msn.com
0 votes Thank Flag Link Fri Nov 8, 2013
I concur with the prevailing advice of getting it sold. Hire an experienced broker who will help you present your home in the best possible manner (staging consultation, professional photography, etc) so that you get top dollar for your current home. You can negotiate a closing and rent back, or a later close date allowing you enough time to find your next space. Be looking while your home is being marketed so that you are ready to go. If you have to rent short term, you can, but the timing could very well work so you only have to move once. Truly though, I cannot stress enough getting good advice from a proven professional at the outset so that you have a good plan in place.

Best of luck ~ it's an exciting time in your life!

Christine Nicholson
Kentwood City Properties
720-319-5591
0 votes Thank Flag Link Fri Nov 8, 2013
This is a common conundrum you face. And you have several options, two of which you've identified. Another would be placing your condo on the market now, and should an acceptable offer come in, accept it on a contingent basis that gives you 30 days or so to find a suitable place.

A central Denver condo expert here, with 24 years experience. I'll be happy to discuss this with you and answer any questions you have. Feel free to call! Thanks!

Ken Miller
Senior Broker
Kentwood City Properties
303-810-5535
kencitysales@aol.com
0 votes Thank Flag Link Fri Nov 8, 2013
Hi J.
I agree with Mitch; sell first. You can be looking at the same time your condo is on the market and, if circumstances are just right, you will find the replacement and only have to move once. However, it sounds like, in your situation, you would have a lot more piece of mind if you sell first, even if you have to rent for a period to find your dream property.
Chuck Strauss
Your Castle Real Estate
720-318-7598
denverhomeguru@gmail.com
http://www.denverhomeguru.com
0 votes Thank Flag Link Fri Nov 8, 2013
Hello Mr. Biesiada,

What you have is a contingent sale, meaning you have to sell your current home before you but the new one. Depending on your equity position you might be able to take a home equity loan and use that for a down payment. A good Realtor can also help you determine your home value and how quickly it may sell based on the neighborhood and some characteristics of your home. Typically we would try and time the new buy with the current sell and try and make it seamless.

Joe Jarock
Commerce Mortgage
jjarock@commercemtg.com
0 votes Thank Flag Link Fri Nov 8, 2013
Hi j.biesiada,

First, you're going to want to have everything taken care of on the financing side of things. The market is still very competitive for buyers, so it's crucial to get this out of the way immediately.

Then you want to get the property ready to list. It would be best if you could keep it as a rental, but no lender is going to take into account any rental income until you have some established. From what you've said it doesn't seem like this can happen. Once ready to go, get that sucker on the market.

Then start the search for a new place. You need to know exactly what you're looking for and you need to be decisive, because even though it's not as wild as May, we have had three clients in the last two weeks get into bidding wars on properties.

Then you make any offer contingent on the sale of your current place. Bam. Problem solved.

Give me a buzz if you'd like to chat more about everything.

303.887.4002 | mason@goetzgroupdenver.com
goetzgroupdenver.com

MG
0 votes Thank Flag Link Fri Nov 8, 2013
Sell first and then rent until you find something you love. That's what I did. Worked out well.

Mitch Rothman
The Kentwood Company
303-641-5674
0 votes Thank Flag Link Fri Nov 8, 2013
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