If I want to relocate, Should I sell my Condo first, then look for a home because the first thing banks ask is how much money do you have for closing?

Asked by Rocio Roca, Hialeah, FL Mon Jul 7, 2014

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Gary Hitchco…, Agent, Coral Springs, FL
Mon Jul 7, 2014
Lenders ask many questions in this scenario, but basically you have to qualify for both properties or the pre-approval may say that you have to sell to buy. You can do a simultaneous close though, you don't have to be homeless.
1 vote
"You can do a simultaneous close though, you don't have to be homeless." Could you explain this in more detail please? I'm in the same situation, and my realtor is telling me that a simultaneous closing is a crazy idea and almost impossible that it will go as planned. What are the pros & cons exactly?
Flag Sat Jul 12, 2014
Andie Brown…, Agent, Upper Arlington, OH
Thu Jul 10, 2014
Two worst possible scenerios -- 1) You have to move twice 2) You have two mortgages. Pick which is the lesser of the two evils, and you have your answer. If you're ok with the possibility that you'd need to find temporary housing while you look for your new home, then sell first. If moving twice can't be an option for you, you'll need to pay two mortgages for some period of time. Hope this helps! Good luck.
0 votes
Yanoska Diaz, Agent, Miami, FL
Thu Jul 10, 2014
The chicken or the egg? Yes, your question is that difficult given our current market conditions. Finding a home to purchase subject to financing has become a somewhat challenge in our County. Be ready to rent elsewhere while you secure a new home, not to be a pessimist but I have clients that have sold their homes and have been "homeless" for months.
0 votes
Ann Ryan, Agent, Doral, FL
Wed Jul 9, 2014
Yes, because Miami is such a competitive market, you will find it nearly impossible to find a seller willing to accept an offer that includes a contingency that you must sell your current home first.

I would be happy to send you the current comparables on the property, if you send me your address.

Ann Ryan
Keyes Real Estate
AnnMoffettRyan@gmail.com
786-332-7042
Se Habla Espanol
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more