We are selling our home and want to buy another in a different location. Should i look for a house even though the other one hasn't been sold?

Asked by Lavette, 94301 Tue Dec 8, 2009

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Marcy Moyer, Agent, San Ramon, CA
Tue Dec 8, 2009
It never hurts to look. You can spend this time getting to know the market and really zeroing in on what you want. If you find something you love you could always make an offer subject to selling your home, but just be careful about committing yourself to purchase before you know you have the funds.
Web Reference:  http://www.marcymoyer.com
2 votes
David Tapper, Agent, Burlingame, CA
Tue Dec 8, 2009
Lavette, you need to educate yourself as much as possible. Look at as many open homes as you can and also look online to see everything else. This will allow you to see what's available, and what you can buy for your money.

If you are thinking of moving to another County, you might want to stay over night in a hotel to see what your new commute will be during the week.

If you are moving out of the area, make sure your listing agent knows the area where you will movinig to. If not, ask them to refer you to a experienced and knowledgeable Realtor who knows the area.

There's one other thing that is very important. Make sure to get pre-approved for a loan before you do anything. Yes, you may have good credit and you also have a home loan, but you need to see what's happening with the new guidelings with the lenders before you sell your home.

Good luck,

Dave Tap Tapper
Cashin Company
1 vote
Rosie, , 95020
Tue Dec 8, 2009
Hi Lavette,
If you and your agent expect your home to sell quickly, you may want to start getting to know your new location. With your agent's help, take some time to tour a few open houses. Get to know the new neighborhood and it's amenities. That way, if an offer on your home comes in, you'll have done most of the research up front.
Before making an offer though, just be sure to confirm with your lender and agent that you are able to make an offer prior to the sale of your current home.

Best of luck,

1 vote
Anthony ILya…, Agent, Jamaica, NY
Tue Dec 8, 2009
It's always good to look to see what is available out there and to ensure that you are getting the best for your money. But at the same time, be careful about signing any contracts before you have a solid offer on your current property , if you do find something that you really like, then consult your realtor and attorney and make sure that your offer is subject to selling your home. Good luck in your sale and purchase
1 vote
Anna M Brocco, Agent, Williston Park, NY
Tue Dec 8, 2009
That depends on your finances--can you afford to buy another property before you sell; can you carry both houses financially--consider visiting with any qualified loan officer and see what your budget can handle. You may wish to wait until your current property is in contract before rushing out to look.
1 vote
Bob Movin-On, , Hartford, CT
Tue Dec 8, 2009
Look all you want but be careful about committing, normally i would be offering my Real Estate Trade-In Program but I am not even purchasing property right now with fears that I might get stuck. Good luck. Bob
1 vote
Melissa Key, Agent, Hattiesburg, MS
Wed Sep 1, 2010
I would suggest that you do some research on your own first. Find out as much as possible about the new especially with regard to school systems. Drive through various neighborhoods and also search on Trulia so you can become familiar with prices since price does vary drastically depending on your location. Ask the Realtor who has your home listed to make a referral for you if they can, especially if you are staying in-state. If you are moving out-of-state, I would strongly suggest working with a Realtor who has an ABR certification (Accredited Buyers Representative). You can get a list of all Realtors with this certification from the ABR website. This is a Realtor who has extra expertise in working with Buyers and relocation clients. Also, do keep in mind that some areas do not encourage contingent offers. Be courteous and don't "wear out" an agent looking too much until you at least have a firm contract, but do ask your Realtor for them to pick 5-6 top properties for you to preview. I know in our area, we strongly discourage our Sellers from taking offers contingent upon the Buyers selling a home, especially if it is out of our local selling area, but all areas are different. Good Luck!!
0 votes
Tom and Joan…, Agent, Boston, MA
Wed Sep 1, 2010

I constantly urge my seller clients to look at homes while we have their current home on the market. Generally, I ask them to identify 3-5 homes that suit their needs so that when we receive an acceptable offer on their home we can move quickly on purchasing a home. In this market buyers are not allowing sellers a tremendous amount of time to find a home so you really have to have your ducks lined up. All the Best.
0 votes
wendy kandas…, Agent, Palo Alto, CA
Wed Sep 1, 2010
First , consulted with a knowledgeable loan broker who can guide you with the financing aspects and provide a pre-approval so you know the price range for your purchase.

Second, assuming the move is not elective, meaning, you have to move, then you should always investigate the new location for real estate and other community amenities (eg. library, schools, park, hospitals, etc.) that your family may need, as well as looking at real estate.

If you are selling in a market that is brisk and buying in a market that is stagnant, then I would recommend that you look for a house. If it is the reverse, then perhaps focus on selling because anything that you like will likely have sold by the time you've sold your property. Even if you can afford to keep your house, if it is in a stagnant or declining market, you'll have to decide if you can endure the stress level and financial burden of owning 2 properties.

Good luck!
0 votes
Terri Vellios, Agent, Campbell, CA
Fri Dec 11, 2009
Yes, look. Be warned, you may find one you love and not be in a position to act. This is where the skill of your agent really shines. Your agent will want to make sure - that if you are financing - you have a loan APPROVAL less than 30 days old and your funds to close are verified. You will discuss your options.. can you purchase without selling? Are you comfortable with an option of renting out your current home if it doesn't sell? Can and will you need to reduce your current listing price to sell? Will the seller on your replacement home take a contingent offer? This and so much more and that is why a skilled agent is invaluable. So be open and honest with your agent and then they will be in a better position to service your real estate wants and needs.

If you are not ready to make an offer the other benefit to looking now is knowledge. It will help you pricing an offer when you are ready.
Web Reference:  http://www.terrivellios.com
0 votes
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