I understand that you want to get the timing right but you really should wait. Legally you would need to disclose that there is a contingency that your house sells. The problem with that is, doubtful anyone will accept an offer with that contingency. It would be hard enough to get the offer accepted if your house was in escrow.
I know some buyers that wanted to move here thinking their house would sell almost right away, a year later they still have not sold it. I recommend you have patience and when you get your house in escrow then perhaps you will be in a better contingency situation.
Each of the first six answers cover many of the considerations that may impact your situation.
I think you have 3-4 possible options... Plan A, Plan B, ...Plan D to guide you to your goal.
Plan A would be to get the details of how much equity you need for your new home, how much do you have in your current home, etc. and create a marketing plan to list your current home. Plan A should also contain a time-line for possible price adjustments, researching whether your budget can handle a rental in your new location, etc. The continuing research would help you to define & update Plan B, C, etc.
Then at the end of the pre-determined Plan A time-line you would move on to Plan B, etc.
Good luck ! Joe K.
1. You need to qualify for the purchase of the new home. The lender is going to ask you "what will happen to your current home?" knowing that if you are not going to qualify for the loan without selling it, it is something to be watched.
2. "We need the equity" is a lot different than "we cannot afford two mortgage payments" to a loan officer. The first says that there will be proceeds from the sale, so the loan officer is going to explore how equity there will be...and with desktop modeling with find out instantly if you are optimistic....or clueless.
3. "I was thinking of making an offer on a house we like"....what kind of offer....a contingent offer.....that you want the seller to wait until you sell your home? In order to use the equity? The seller, and their Realtor, if they have half a brain, are going to ask you to provide a letter of pre-approval...which the lender will not be able to produce unless you sell your current home.
4. Smart Realtors are well-aware of "rats living a sinking ship) and trying to buy one house before they allow there current home to be foreclosed...and that is called "loan fraud".
I recommend taking a strong dose of reality and realizing that if you do need to in fact short sell your current residence, you will not be able to buy for two years. If you do, and they find out, it is loan fraud for you. What will your new employer think about that?
Unless you are qualified (and willing) to buy withut selling - you need to sell first - you really don't have any other option. You can't make an offer, and "hope for the best".
It may not be what you want o hear, but it is reality.
Perhaps you should consider renting first in your new city while wating for the house to sell. The good news in doing that is you can get a sense of the new location before committing to a home purchase. That might be the best way to go.
Talk with the agent on your current home about the list price - consider adjusting it downward to attract attention and more importantly an offer.
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