Home Buying in San Antonio>Question Details

Trulia San A…, Home Buyer in San Antonio, TX

How is buying different the second time around? Especially when you also have to sell your current house at the same time.

Asked by Trulia San Antonio, San Antonio, TX Thu Mar 7, 2013

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Negotiating the purchase of a second home while concurrently trying to sell your first home might appear to be a major challenge. In fact, an experienced real estate agent can navigate the two transactions with relative ease.

As has been mentioned, the purchase of a new home versus the purchase of a privately owned resale home while trying to sell your home will vary depending on circumstances. A builder, with much deeper financial pockets, is much more relaxed in working with you on signing the purchase contract on your new home with a contingency on the sale of your current home. On the other hand, a private seller is understandably much more emotional and concerned that your current home might not sell and places his transaction with you in jeopardy.

I have worked cases with both a new home builder and a private seller successfully every time. The key is to make sure that every step along the way is well reviewed to insure that all bases are covered each step of the way.

Two very important steps is to make sure that the buyer of your home is definitely qualified and approved for the loan to purchase your home and also that you are approved for the purchase of your new home.

I have 15 years experience in the real estate industry - call me for no obligation advice.

Thanks for asking.

Roland Gonzales, ABR, GRI, CRS, CDPE
0 votes Thank Flag Link Thu Mar 7, 2013
No matter when you buy a home your credit history will come into play. The better it is the less risk you are to a mortgage holder and the better your rate.

When trying to buy and sell at the same time, it makes it much more difficult as you have more people who have to work together – duplications on lenders, buyers and sellers. If one falls through, so can the others. Will you wait for your buyer? Then will your seller wait for you? If there are job transfers and deadlines to meet it makes it even harder.

Give me a call so I can help you find the best solution that works for YOU!

Christine Henderson
Better Homes & Gardens Real Estate-Bradfield Properties
210-491-0021 ext 140 (direct access)
Changing Real Estate Dreams Into Reality Since 1985
0 votes Thank Flag Link Tue Mar 12, 2013
It is a unique situation to be sure. You need to be able to foresee every circumstance and have a plan of action for any possible situation.

Depending on your main incentive and financial situation as well would determine some factors. If you are able, you could rent out your current home in order to keep the asset and allow someone else to pay the mortgage in order to build your own wealth.

In this case, you would have to find a temporary place to stay once you get a tenant in so you could better qualify for another loan which would have to be conventional because you already have one home under your name.

If you want to sell, it puts you in a situation that you would have to ask for a contingency on your next purchase contract. Contingency meaning a 'condition' before you can be held liable to purchase the next home. Builders of larger, more expensive homes usually have no problem with this as long as you let them hold a deposit and they will start building once you have a purchase contract.

Owners of existing homes do not care for this too much. It puts them into limbo and prevents for making solid plans to make their next move. When you decide to sell, another home owner may come to you and ask for the same contigency and you will like a fish on the hook with no clear idea when all things will be finalized.

It takes someone with experience to guide you along the way and I have done this for people quite successfully. If you need references, I have them.

Please feel free to contact me with further questions or concerns

Gregory Touchstone
Keller Williams Realty
0 votes Thank Flag Link Fri Mar 8, 2013
I specialize in these type of transactions. I work with many move up/down clients. The most important thing is to start with a lender, to make sure you can buy want you want before you sell your current home.

You can call or email me with any questions any time.

Marty Shields
Real Living/ Best Homes
0 votes Thank Flag Link Thu Mar 7, 2013
Assuming that you have owned your current home for at least 3 - 5, the buying process is different then it was when you purchased. It is not an impossible process, in fact it can be quite easy. The first step is to get a full loan approval before you sell your current home. Don't settle for just a prequalification that most lenders offer. Your stress levels will be a lot less if your obtain the loan approval first.
0 votes Thank Flag Link Thu Mar 7, 2013
There are a lot of parameters that were not provided as to your question. For example, if purchasing a new builders home to be built, most builders will allow you several months to list and sell your current home and remain in the contract. If you definitely have to sell your current home and obtain the proceeds of the sale before you purchase another home, in Texas we have contracts with addendums that would allow you to make an offer on a home on the market while having time to sell your existing home. Lots of other parameters also for example, is your current home on a VA mortgage and are you planning on using that eligibility again?

Would be happy to discuss with you - just answers - no sales pitch.

Royce Simmonds, Broker-Owner
Simmonds Real Estate Inc.
210-269-8086 Direct Line


36 Years Active Air Force Service 15 Enlisted - 21 Officer
0 votes Thank Flag Link Thu Mar 7, 2013
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