How to buy a house while under contract?

Asked by Suzie, 08857 Wed Jun 15, 2011

we want to buy a house once we are under contract. we would need to sell to use proceeds for down payment. How does one pull it off these days with the strict leading requirements. We are selling in nj and want to move to dyker heights Brooklyn.

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David Rogoff…, , Brooklyn, NY
Tue Jun 21, 2011
Dear Suzie:

Communication between your Realtor, attorneys and lenders is key.

Keep looking in Dyker while the sale proceeds. Have a backup plan in case the transaction fails and keep everyone in the loop each day.

Best of luck.

Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 – David mobile
646-318-5031 – Bonnie mobile – E-mail
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jun 16, 2011
Much will depend on your buyer's flexibility as well as the seller you will be purchasing from....
0 votes
Gerard Carney, Agent, Spring Hill, FL
Thu Jun 16, 2011
you can try talking the seller into a contingency contract, but understand that the seller will still take offers from others and will eventually tell you to buy or step aside!
0 votes
Jacques Ambr…, Agent, Forest Hills, NY
Thu Jun 16, 2011
hopefully you have some flexibility in the contract so that you can arrange to purchase and close on the sale of your home at the same time you close on your purchase. Your attorney should be on top of this.
0 votes
Marie Souza…, Agent, Centerville, MA
Thu Jun 16, 2011
Suzie - We do this all the time. You close on one house in one day & the new house on the next day (or same day if it's local). It can be done, but you just need to make sure everyone is on the same page! That being said, Janets advice below regarding getting a Realtor is right on. Get a GREAT agent to help you with this process!
Best of Luck!
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
Phone: 508-790-2000
0 votes
Janet Sebile, Agent, Garland, TX
Wed Jun 15, 2011

This is common for most people to need the equity in one home for another. Have a good talk with your Realtor so that you will understand the process in terms of how your contracts need to be structured. As well have a good discussion with your lender to determine such things as when you need to lock your rate, etc.
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