Tech Tips in North Carolina>Question Details

Sheila Ezhaya, Both Buyer and Seller in Maine

My family desperately wants to leave Maine to Nc before winter we need to sell before we can purchase new home

Asked by Sheila Ezhaya, Maine Thu Aug 7, 2008

Is there any way to get into a Nc Home while waiting on the sale of our Maine home??

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9
Larry Story’s answer
Sheila,
Actually wanted to ask where in Maine do you live? My wife and I vacation up there. All the usual spots I am afraid though, Bar Harbor, Kennebunk Port, and such. We did not make it up this summer though I am too busy right now.
0 votes Thank Flag Link Thu Aug 7, 2008
Hi Sheila - I know what you mean about Maine winters. Another alternative: how about a seasonal rental? This would let you escape the winter without tying you into a long term obligation.
0 votes Thank Flag Link Thu Aug 7, 2008
Your question isn't totally clear. You state: "We need to sell before we can purchase new home." But you also ask whether you can get into a North Carolina home while waiting on the sale of your Maine home. Most of the people who've answered have assumed you want to buy before you sell, but that doesn't appear to be your question. And while sellers may accept contingent contracts, it's not likely that they'd let you move in prior to the sale closing.

There is a possibility, though. A lease-option could work for you. What you'd do would be to lease-option a property in North Carolina. Make it something like 15 months (enough to give you the remainder of the selling season this year in Maine and all of next year). You'd be leasing the home in North Carolina, but would have the option to purchase it. Meanwhile, you're trying to sell your home in Maine. Once you sell the property--if you do--then you exercise your option to purchase the North Carolina property.

If, for some reason, you're unable to sell your home in Maine, at least you aren't hindered with two mortgages--the one in Maine and a new one in North Carolina. The lease-option would expire on the North Carolina property and--as undesirable as it might be--at least you'd still have the property in Maine. That would be the risk, along with having to pay rent in North Carolina while paying your Maine mortgage.

I can refer you to some people to help you with a lease-option in North Carolina, if you want.

But that's the best way I can think of for you to "get into" a North Carolina home "while waiting on the sale" of your Maine home.

Hope that helps.
0 votes Thank Flag Link Thu Aug 7, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Sheila,
It will depend on several factors. Now if you have enough equity in your present home you could possibly quailfy for a bridge loan. Now this is just one product that is possible. But as others mentioned you really need to speak with a mortgage banker. Of course alot depends on how much you want to spend down here also. So if and when you decide what you want just let any of us know and we can help you. If you like I can give you a web account that will allow you to search through all the listings in the Triad MLS.
0 votes Thank Flag Link Thu Aug 7, 2008
You have gotten some good answers here. First, you have to decide where exactly you want to be. Then you will need to talk to financial people about your options based on your income, job relocation, etc. You may be able to find an owner financing deal or lease option although both of these usually involve a substantial downpayment and then, as Daniel pointed out, you will still have two payments unless your house in Maine is paid for. You can just find a rental, wait for your house to sell and take your time finding a property. A lot depends on your circumstances.
So, let us know what area you are considering moving to. Once you have decided on a real estate agent, be sure to let them know what your circumstances are and what financial options you are comfortable with. I hope this helps.
0 votes Thank Flag Link Thu Aug 7, 2008
Hi Sheila
I did when I moved here 7 years ago. I would talk to a lender here in NC. If you are considering the Triangle you can contact me via my website and I will give you our in house lenders information.
Thanks, Michael
Web Reference: http://www.colvinm.hpw.com
0 votes Thank Flag Link Thu Aug 7, 2008
Sheila - Are you asking if you can move into the house here in NC before your house in Maine sells? If so, that can be tricky, You'll either have to qualify to purchase the NC home while owning the Maine home, and have two mortgage payments, or you'll have to come down and rent a home in NC while selling your Maine home, and have rent and mortgage payment. You'll need to talk to a lender in NC to see if you qualify for the first, and if not, then talk to a management company to see if you qualify for the second.

If your looking in the Triangle area (Raleigh / Durham / Chapel Hill) you can contact me for more information.

Thanks

Daniel
Web Reference: http://www.tri4sale.com
0 votes Thank Flag Link Thu Aug 7, 2008
Hi Sheila,

Most sellers/builders will accept a contingent contract. I would contact a lender to make sure that it's feasible in your own case.
Have you narrowed your home search in NC?
If you have any questions on the Raleigh/Durham/Chapel Hill areas I'd be happy to answer them.

Good luck!
Lizete
Web Reference: http://www.LizeteSantos.com
0 votes Thank Flag Link Thu Aug 7, 2008
We can help you with that! Our email is info@keislerrealestate.com and tell us what type of home you are looking for! We will do some research on what's available and email you homes that meet your needs.

Once you pick out a few that you might what to considering buying, we will go out and take photos/video of the home and send them to you.

Justin & Katie Keisler
Hickory, NC Relocation Specialists
(828) 291-5311
Info@keislerrealestate.com
http://www.keislerrealestate.com
0 votes Thank Flag Link Thu Aug 7, 2008
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