Home Buying in 01001>Question Details

Cranberry, Home Seller in Westfield, MA

Questions about buying a condo contingent on the sale of my house.

Asked by Cranberry, Westfield, MA Sun Jul 3, 2011

Please pardon me if this is a dumb question...I've never purchased a home in the traditional way. Currently, I'm selling a house I inherited. It has taken me 4 years to get it cleaned out and ready to sell. In that time, I've been working part time. I'm also self-employed. Ideally, I'd love to go from the house to a condo (maintenance is the main reason I'm selling, plus I want to downsize). But because of the part-time self-employed income situation, I can't get a mortgage or home equity loan. I do have enough in savings for a down payment and my FICO score is in the 800s. I'm prepared to rent an apartment after the house sells, but do I have any options for buying a condo? I read that it's better to sell a property first, then buy the new one. If I accept an offer on my house, can I then make an offer on a condo contingent on the house sale? Would I need to get financing? I'd love to pay for the condo with the proceeds of my house and be mortgage-free.

Help the community by answering this question:

Answers

4
If you want to buy a condo with the proceeds of the house, that is definitely a good way to go. I would say once you accept an offer on the home and get a P&S agreement signed (legally binding document between both parties) then you can start looking around for condos to buy. You can put in an offer on a condo w/a contingency for the sale of your home... it will be a matter of if the seller will accept your offer with that contingency. It hadms been done, just make sure you have a solid buyer on your end to get the home closed. Good luck and if you have anymore questions, contact me anytime.

Angela Dolber
Prudential Prime Prop.
508-826-8553
Angeladolber@gmail.com
1 vote Thank Flag Link Sun Jul 3, 2011
No problem! I wish you well with the sale of your inherited home. I would also check the legalities surrounding the inheritance and who the sale proceeds go to, taxes status, etc, with an attorney if you don't have one already. And again, it's better to have a fully signed contract between you and the buyer before putting an offer on anything else as well so you are perceived as a stronger buyer to the eyes of any condo seller.
0 votes Thank Flag Link Tue Jul 5, 2011
Many thanks! It's comforting to know there might be options.
0 votes Thank Flag Link Tue Jul 5, 2011
Do you have a Realtor? That would be a question for her. The property can be contingent on the sale of your home. If you are not working with someone I can answer your questions for you.
0 votes Thank Flag Link Sun Jul 3, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer