As many of my fellow agents have said, there are a number of possibilities with regard to making the purchase of the home you're interested in. Placing a contingent offer may be an option, but contingencies can be complicated, and there is always the potential for disappointment should your current house not sell in the meantime. Mr. Tabit's comments are wise in this situation. If you are currently represented by an agent in the sale of your house, a conversation about timing and motivation may be order. If you are representing yourselves in a For Sale By Owner situation, I would strongly advise you to consider utilizing the skills and marketing expertise of a professional Realtor in order to sell your house quickly. I would be more than happy to speak with you about what I can accomplish for you in either the sale of your existing house, or the purchase of your dream home if you are unrepresented. Please do not hesitate to let me know of I may answer any other questions, or help you as you negotiate the real estate market. I'm available by email, phone, or text at any time.
Caroline Holt, Realtor
Coldwell Banker Wallace & Wallace
You have some good advice so far, but no one has suggested what I think may be the most important, get serious about selling your house. If you've been on the market for a while but haven't received any offers ask yourself and your agent, why?
Are you well marketed, in every available website with great color pictures, compelling descriptions highlighting the homes best features? Do you have great flyers and other marketing pieces that create interest or just relay facts? Does your home have "curb appeal" or are there overgrown bushes against the house, a messy roof and stuff strewn around the yard? Is your home ready to show on short notice or do you have severe limitations that are telling buyers and agents, don't bother? Finally, compared to the other homes in your market segment of similar age, size and condition are you a good value? Buyer's don't want to clean up other peoples messes or look past the deferred maintenance a home may need and they certainly won't just "make an offer" if the home isn't compelling for the price.
If you get your home sold, by addressing any of the issues above that require it, buying the new one will be easy.
Maybe the sellers of the new home would do a lease agreement and give you a year to sell. We actually just did this ourselves. We found a perfect home, put our home on the market, did a lease purchase agreement. It took over a year to sell our current home and it appraised "under" the amount owed, so we took a loss in order to sell it.
Only make this decision to move if you have the means to sustain yourselves, or you could find yourselves in a bigtime financial crunch.
Coldwell Banker Wallace & Wallace
I am actually writing an offer this morning for a buyer that has an existing home to sell. We are writing their offer to purchase the new home contingent on their existing home selling. This allows them to have the first shot at purchasing the new home, should we sell their current home in the contracts time frame.
Your home is a desirable floor plan, in a sought after area; have you considered listing it with a REALTOR? Please feel free to look at my listings and notice the wide angle photography that shows off the room sizes; I have 2 more of my listings closing in the next 2 weeks, including one that was listed for nearly a year with another agent, that I had under contract in less than a month with my marketing plan.
What you are asking about is a common issue that home buyers run into, but it is easy to resolve.
Please read my reviews and give me a call/text!
Second, check with a local loan officer to see if you can qualify to carry two mortgages with the down payment you have available to dispose of.
Best of Luck.