Home Selling in Chicago>Question Details

Nicole, Both Buyer and Seller in Illinois

Can I buy a home before my home sells?

Asked by Nicole, Illinois Mon Aug 10, 2009

I have a large 3 br. home in Blue Island that I want to sell. I will probably have to come to the closing owing money but I want desperately out of this home. If I put my home on the market and find another one can I still buy it? I have a good credit score and so I don't want to do any short sales or foreclosure. I am throwing money away staying here. I am basically paying interest and taxes in an interest only loan. The mortgage company is taking forever to see if I qualify for a modification. Any advice?

Help the community by answering this question:

Answers

8
HI Nicole,

Diane is correct. You need to not rush into things. First off, if you are in conversations with your mortgage company about a loan modification, give it a little time. Many mortgage companies are working with clients to avoid foreclosures. The government is giving them incentives to do so and normally they lose money when foreclosing. In reagrds to a short sale, one needs a reason to be able to do a short sale ie, job loss, medical issues or something of that sort. You can't do a short sale just because you don't like your house. If you'd like, I could work up a CMA for you to see what your house could get on the market. You can buy a house while yours is on the market with a contingent offer. Contingent on your house selling. However in this financial climate, less and less people are accepting this type of contract, with houses being harder to sell. As far as spending money on marketing your home, you will be hard pressed to find another agent that spends more on marketing. I provide individual websites, virtual tours, voice pad advertising and ads on over 500 internet websites. To discuss your options further, feel free to contact me anytime.

Have a Great Evening!

Tim
tfitzgerald@c21proteam.com
815.3553.1901
1 vote Thank Flag Link Mon Aug 10, 2009
Why not walk away from the home you are living in. You can call your bank and tell them the keys are in the mail box. That way all the US tax payers will share in your decision to buy a home you no longer want.

YES I AM KIDDING.

Owning two homes for most people is one of the worst things they can do. Seldom does it have a good outcome as a person who is having a hard time paying for one home will have twice as hard of a time paying for two homes.

While banks may be slow to respond I think it is in your best interest to work things out with your lender PRIOR to buying another home.
0 votes Thank Flag Link Sun Aug 23, 2009
What good is a modification , if u want out? Besides, as long as u pay , the lender will not do anything.
U can buy anything u want , if u have cash or can get a loan 2 buy another piece of property. I would take care of 1 problem, before I got into another. U have 2 stop paying for at least 3 months before the lender will negotiate. See a real estate attorney.
0 votes Thank Flag Link Sat Aug 22, 2009
Nicole, sell your home first! It seems you are more motivated to just move on even if you have to sell your Blue Island home having to bring $cash$ to closing. Why would you want the stress of another mortgage if your current home does not sell?
0 votes Thank Flag Link Thu Aug 20, 2009
Hi,
come to the closing owing money: So, you have the money or are thinking to Short Sale it?

I believe that tobuy another home you need to have equity on the first one or a very large downpayment and as other said, you might need to qualify for both mortgages.

Contact a Home Mortgage Consultant regarding your financial situation.
0 votes Thank Flag Link Mon Aug 10, 2009
You can do anything you want to, but are you ready for the consequences?

Can you qualify for 2 mortgage payments? Today loan applications are different than they were a few years ago. This is really a question for a mortgage broker. If you have enough income to ,make 2 payments, you are one of the lucky ones.

I would take the simple route. Sell one and then buy another one. You will sleep better.
0 votes Thank Flag Link Mon Aug 10, 2009
You can shop for a home while your home is on the market and if you find something you like you can ask if they will accept a contingency contract. This means the sale will be contingent upon you selling your home and you will not be obligated to close on the deal until your house is sold. The seller will keep the house on the market and if another acceptable offer comes along you will be given the right to purchase the house at that point or cancel the deal.

Under no circumstances should you enter a non-contingent contract on another house before your home is sold unless you can afford both mortgages.
Web Reference: http://www.FredaHomes.com
0 votes Thank Flag Link Mon Aug 10, 2009
I think you should take a step back and evaluate the situation you are in to make the very best decision possible. If you get approved to buy a second house without having to sell the first that is great news. I am concerned however that you may be taking on a lot of risk, especially when you mention short sales and foreclosure. What if you can't sell the first house? Can you afford to carry two mortgages? If you can, then that is great news. If not, you can make the offer on the second house contigent upon the sale of house #1. My suggestion is to list your current home as soon as possible with an agency that spends a lot of money marketing your property. If you would like me to refer you to an agent just let me know and I will be happy to help. Best of Luck to you! Diane (914) 275-5988
Web Reference: http://www.nyhometeam.com
0 votes Thank Flag Link Mon Aug 10, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer