Whats the best way to expedite the sale of your home in order to take advantage of a home for sale, held by bank. No contingency allowed.

Asked by Helpneeded, New Jersey Thu Aug 18, 2011

Is it possible in this market to get approved for a new mortgage in that situation? Income is solid ($150k, 13 yrs )with company without including my husbands self employment income. My credit is fair 630.

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Sun Aug 21, 2011
It depends on how much you are looking to qualify for - it is certainly do-able if you can qualify for both mortgage payments. If you are using conventional financing you may need to have up to 6 months reserves for both the existing & new property (having less than 30% equity often triggers that requirement, although not always), in addition to your down payment + closing costs. Using FHA financing there is no such reserve requirement. If you haven't had someone look over your numbers I'd be happy to.

Shane Milne | Loan Officer in Orange County, CA | NMLS #81195
Direct local #'s: 949-273-4161 or 646-257-4842
Lending in all 50 states, all types of mortgages
1 vote
Ron Thomas, Agent, Fresno, CA
Sun Aug 21, 2011
The two important factors in Marketing your home are:
CONDITION: Have you done everything you can to make it saleable? Clutter, Furniture, Personal Objects, etc.
PRICE: Everything will sell if the price is right:

Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

We have found that extremely often, the LISTING PRICE that is set on SHORTSALES and REO’s are not determined, nor even discussed with the Bank: The banks play their cards very close to the vest, they will not tell the Listing Agents any more than they have to; they will not give us their lower limits. So usually, the LISTING PRICE on a distressed property is a number taken out of the air.

Have a Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. If you look at enough CMA’s, you will see the trends.

Good luck and may God bless
0 votes
Karen Parsons…, Agent, Laguna Beach, CA
Sun Aug 21, 2011

The sad truth is that most lender held homes will not take an offer contingent upon selling your current one. If you can buy a little time....such as offering a 45-60 day escrow on the new home. Then market your home aggressively...price and terms and do what you can.

I hope it works out for you,

0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Aug 21, 2011
Hi there - price is the answer, price the home you are selling very aggressively so that it will move quickly. With most buyers working online, they are a highly educated bunch. They will recognize the value and act quickly and that is what you want/need.

In terms of being able to qualify for a mortgage without selling your current home, only a lender can answer that for sure. I have three lenders I recommend - if you'd like their contact info, shoot me an email.

And remember this - even though you may qualify for a mortgage without selling you want to be cautious about finding yourself in the position of carrying two homes for too long. Today's market is challenging for sure, would be far better to sell and then buy.

Let me know if you need the names of some good lenders - I've got them, and if I can help you with your sale.

Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Sun Aug 21, 2011
Homes sell quickly when their priced right. It's possible you may qualify for a loan without selling your home, you'd need to sit down with a lender and find out, however if you don't then you need to consider just how badly you want the home you've got your eye on and is it worth it to sell your current home at a potentially deeply discounted price in order to get it sold ASAP.

Good Luck!
0 votes
Kathryn Acci…, Agent, Sturbridge, MA
Sun Aug 21, 2011
The fastest way to expedite the sale of your home is to lower the price in order to attract more buyers. Be aggressive. Lower it each week until you start to see a flurry of activity. Once you have an offer, work with the buyer's agent to quickly get inspections done and financing commitment for the buyer. Good luck.
0 votes
Diane Glander, Agent, Spring Lake, NJ
Fri Aug 19, 2011
Price it right! Price it under market value and you should get a few buyers. You can also speak with a mortgage rep, take your current residence off the market and take a home equity line if you have enough to buy the other home with that money.
Web Reference:  http://www.dianeglander.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Thu Aug 18, 2011
If you need to first sell you home - the only way to "expedite" the sale is to find an all cash buyer who can offer a quick closing.
That is not a realistic expectation these days.

In addition, if you waive the mortgage contingency, while needing a mortgage, you leave yourself open to liability should your sale fall through........do not waive the contingency unless you have the cash to back it up, and would be able to complete the sale in the event there is a problem with your mortgage.

Your 630 credit score indicates there is room for improvement in that area, too.

As was mentioned below - speak to a mortgage rep...but make sure you don't put yourself on thin financial ice.

Best wises....
Debbie Rose
Prudential NJ Properties
0 votes
Kris Mager, Agent, Middletown, NJ
Thu Aug 18, 2011
I'm not sure where in NJ you are located, but we work in Monmouth and Ocean Counties. When a seller is looking to sell quickly to take advantage of another deal, we usually price the house aggressively. If you list your home about where you think it will sell, and not overprice it with the hopes of negotiating, your home should sell within the first few weeks, sometimes with multiple offers.
Also, hire a local realtor that came help you with the staging and marketing of your home. The more aggressive the realtor and the more exposure your home gets, the faster it will sell.
As for obtaining another mortgage on top of the one you already have, I would suggest speaking with a loan officer. If you need any local names we would be happy to provide them!

Kris Mager & Amy Wright
Coldwell Banker Residential Brokerage
Circle of Excellence 2007
Middletown NJ 07748
cell 917-414-7807
0 votes
Shanna Rogers, Agent, Murrieta, CA
Thu Aug 18, 2011
Hi Helpneeded,

If you want to purchase a home before selling your current home and if your current home has a mortgage, you will need to qualify for a loan for the new house in addition to the mortgage you already have. Or, maybe you could rent out your current home. Talk to a lender/mortgage broker to see if that's an option or if you qualify for both mortgages. Now, the fastest way to sell your current home is to hire a Realtor in your area and price the house right. Have your Realtor do a Comparative Market Analysis (CMA) using Sold comps within a 1 mile radius of the house (the closer, the better) that have sold within the last 3 months. This will give you current market value and this is what you should base your listing price on.

Good luck.

Shanna Rogers
SR Rogers
0 votes
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