Home Buying in White Plains>Question Details

Wendy, Home Buyer in White Pains, ny

I am looking for a new house and have a home to sell...how should i time this? should I sell first?

Asked by Wendy, White Pains, ny Fri Apr 4, 2008

How do you avoid being stuck without a home or losing a new home you want to purchase because you haven't sold current house?

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In the current market I would suggest that you put your home for sale first. When putting your home for sale make sure you get a realtor that markets your home agressively on the internet . I would also suggest that you price your home correctly within the current market and not try to overprice. In this kind of market , overpricing cost you real money. The average time to sell a home in my market is almost 4 months, but you never know if priced correctly it is possible to get a buyer quickly.
Once you have a contract on your home it will be easier to buy another. This market is not to fond of contingencies, meaning you can't buy untill you sell. Sellers know deals are falling thru for many reasons and that it is not in their best interest to have a contract with a contingency, but it definitely happens.

You could also talk to a mtg rep about a bridge loan and interesting financing options to help.

I emphasize that you put your home on the market to give it the best chance of getting the most potential buyers to see it. That usually translates to the best price and more money in your pocket.

Last thought:
Go out and look for homes in your price range to buy. Take note of them and there price. You are in a good situation in that even if you take less for your home, you will also pay less for the home you want to buy. This is not set in stone, but true many times.

Good Luck!!!!
1 vote Thank Flag Link Fri Apr 4, 2008
Hi, in this type of market you should focus on trying to sell first. We haven't had this kind of market in a very long time and nobody really knows how long it will take you to sell. Unless you have a contract on your home to show the seller of a home you would like to purchase they are likely to not accept the offer. You also don't want to get caught in a situation where you have to buy the home and now own two. I've seen it happen many times. So if you are not in a bind then keep it that way, get some action on your home and proceed from there. You will be alot happier, trust me. Even if you can afford to buy another home without selling your present you could still own two homes until yours sells.

If you need any further assistance please feel free to call me direct:
Christopher Pagli -Associate Broker - Legends Realty Group - 914.332.6300 x107
http://www.ChristopherPagli.com
1 vote Thank Flag Link Fri Apr 4, 2008
It is better to sell your house first. right now market is slow you don't how long it going to take to sell your house.
Web Reference: http://onestepuprealty.com
1 vote Thank Flag Link Fri Apr 4, 2008
Wendy,

I would first go out and see what is available at the price you want to spend. You may find you can't get what you want in that price range or you may find that what you want may not cost as much. If the latter is the case, you can price your home more competitively in the market. I would not buy before selling. I've done that myself so I have personal experience.

If you buy before you sell your current residence you could end up with 2 mortgages for much longer then you think. You'll also have 2 tax bill, utility bills etc. If you think that a homeowner will sell you their home with a contingency that you sell your's you are mistaken. It can happen if you have fully executed contracts, but won't without them. I don't know any Realtor that would let their seller accept an offer to sell subject to your sale without contracts. Even if your Realtor suggested that you do, no lawyer I know would let you.

Bottom line, market has picked up (at least in Putnam County), buyers are out their, make your house shine and get it on the market. Worse case scenario is you can always rent for a few months while you look for a new house. This doesn't usually happen around here, especially at this time of year. You can frequently ask for a delayed closing date and this can be put right in a listing in the MLS. People seem to like to move during the summer and not the school year so having a delayed closing at this time of year is not unusual.

Good luck. If the new home you're looking for is in points north of White Plains, please feel free to get in touch.

Don
Web Reference: http://www.nyhomeseller.com
0 votes Thank Flag Link Mon Apr 7, 2008
Wendy,
I would agree with everyone else. Sell your home and start to look for your next home. This will put you in the drivers seat. It is still a buyers market so it you can sell your home first then even better for you financially. You can also extend out your closing date. I am not familiar with your particular market so consult your local realtor and good luck

Larry Story
Coldwell Banker Triad
0 votes Thank Flag Link Sun Apr 6, 2008
My advice is to zero in on several towns where you might want to live. Then see if there are homes available in your price range that might be of interest to you.

If there are, then take the plunge and get your home listed for the correct price. It will then attract a buyer. Be sure to negotiate a bit of time that will allow you to go back and find a home before you have to sign a contract on your home. Usually a week to two weeks is enough if you are seriously house hunting!

Best of luck!!
0 votes Thank Flag Link Sun Apr 6, 2008
Unless you go for a bridge loan (which you can always do), put your current home on the market. In the "remarks," have your Realtor state "sale subject to seller purchasing a new home." It tends to help bring in people who are flexible in their needs.

You, on the other hand, may find the home of your dreams, but lose it because you need to sell another house first.


Seller controls closing date. I know you need a closing date to go into contract, but this is what I did in one instance. We sold the house in June and the contracts stated a closing date of January of the next year, or sooner. The seller found a home and we closed in October.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Fri Apr 4, 2008
Put your home on the market and go shopping. If you find one you like, write a contingent offer on your house selling and closing. There could possibly be a period where you are without a home OR lose one that you really like. You could think about renting your current home if you find one you like. Some companies will buy your house if it doesn't sell. I can help you further if you want more information on anuy of these ideas.
0 votes Thank Flag Link Fri Apr 4, 2008
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