thinking of moving from Utah to San Antonio,we have a house here in Utah, how hard is it to sell and buy at the same time but in a different state?

Asked by Catmann3200, Houston, TX Wed Mar 13, 2013

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Sue Baillio’s answer
Sue Baillio, Agent, San Antonio, TX
Thu Mar 14, 2013
This is not a unique situation and can be done. The important issue is getting your home in Utah under contract with a firm closing date. You should also do some "home work" in San Antonio, either by internet search" or by actually shopping in San Antonio for your next home. If you decide to build your home, most builders are willing to start your process with a contingency contract and allow build time for your home in Utah to close. Some resale properties will also consider contingency contrtacts, depending on the stability of your contract in Utah.

It's not impossible to align simutaneous closings, but if this does not work out there is always the possibility of temporary housing. Executive rentals are available so that you don't have to unpack in your temporary quarters.

Let me know when you are ready to start the process!

Sue
0 votes
Gregory Touc…, Agent, San Antonio, TX
Wed Mar 13, 2013
It is a challenge at times, but completely possible. I helped a couple two years ago from Seattle, Washington get through this same scenario.

They met me here in San Antonio during a week-end visit and we discussed their whole situation. We were able to put a deposit on a lot for a house to be built and had a contigency for the sale of their home back on the coast.

I was able to connect them to the right people in their local area and their home was sold within 8 weeks and they were in their new home within months.

Feel free to contact me personally if you care to discuss this in depth. If you need referrals, I can gladly provide those to you.

Gregory Touchstone
Keller Williams City View - San Antonio, Tx
210-660-2834
0 votes
Jesus Soto, Agent, San Antonio, TX
Wed Mar 13, 2013
Start with education. Find out the equivalent of your home in Utah for San Antonio. A good realtor will find a great neighborhood, and tell you what the same house would cost you here in TX. That way you can do one of two things:

1) Rent your home in Utah, and buy in San Antonio, or
2) List your home in Utah for sale, and get a contingency contract on your home in San Antonio.

These are very easy things to do, as other posts have mentioned, and usually go with a 45 day timeline. The real challenge is this....having a place to live while you purchase under option 2 above.

As a veteran, I've helped many military families in your scenario. The solution that works best is to stay in your home in Utah (if you can), until you close in there. If you can not do this, then there are a few other options I can suggest that have worked for my military families.

No matter the beginning, I'm hoping you have a strong market in Utah!

Blessings!

V/R,
Jesus Soto
Exit Realty Partner II
Associate Broker
210.843.6053
email: jesus@930exit.com
0 votes
, ,
Wed Mar 13, 2013
If you can qualify with both payments, just get prequalified by a good local mortgage company. However, if you need to sell your current home before the new closing, it becomes more complicated. Your offer here would be "contingent" upon the sale of your Utah home. Not all sellers are willing to accept such an offer, especially in the big summer selling season. I'd be glad to prequalify you. Just call me at 210-842-4185. I have been a San Antonio mortgage lender for almost 30 years, and have great experience with your situation.

Barbara Coker
Licensed Mortgage Loan Officer
NMLS#228545
100% Home Loans All Over Texas!
Web Reference:  http://www.thecokerteam.com
0 votes
Priscilla Al…, Agent, San Antonio, TX
Wed Mar 13, 2013
Most sellers are willing to take a contingency if you already have your home under contract. San Antonio is known for the military moving in and out, so most folks are familiar with having to sell property from another state. But, most will not take a contingency unless, as I said you already have a buyer on your home in Utah. I would suggest you put your home on the market and once you receive a contract, start looking for a home in SA right away.

If you would like to discuss this in detail, please do not hesitate to give me call anytime.

Priscilla Allen
http://www.AllenRealtyGroup.com
210-215-7440
Priscilla@AllenRealtyGroup.com
0 votes
Shail Patel, Agent, San Antonio, TX
Wed Mar 13, 2013
Hello,

Buying and selling at the same times depends on time lines, market conditions, finding the right home, and many major factors. I have worked with a client before where this was the situation and it can be quite easy if all the scenarios are ideal. It most definitely can be done. Please feel free to call me for additional information.

Shail Patel
Keller Williams Realty Alamo Heights
(210) 454-2904
shailgpatel@kw.com
0 votes
Jill and Matt…, Agent, Dunkirk, MD
Wed Mar 13, 2013
I am not in either of your areas, however I have seen this situation accomplished many times.

This can be difficult to pull off, but the easiest way to do it is to make your purchase contract (on the home in San Antonio) contingent upon the sale of your home in Utah. This means you won't and are not obligated to settle on the new house until your previous one sells.

The challenge is that some home sellers will not accept 'contingent' contracts... and want you to buy it regardless of whether or not you sell your other home. Have a good local San Antonio real estate agent help you pick houses that would accept this contingency.

If your income is high enough you can sometimes purchase the new home and still keep the old one until it sells (obviously you would have to make both payments)

You can also possibly obtain a 'bridge loan' - these can be dangerous types of loans to get into. They are not common much anymore, but were popular back during the 'boom' years. These loans are set up so that you can purchase a new house while avoiding a payment for a certain amount of time... and hopefully within that time you will sell the house. If that's the route you really want to go, talk to some local lenders and see if they offer it and get all of the finite details as they can change from lender to lender (many don't offer them any longer).

Your best bet is the contingent route - but you want to make sure that your Utah home is priced to sell because even if a seller accepts your offer, they will usually have a 'kick-out' clause attached to it... That basically means that your contract to purchase could be kicked out if they get another offer they like better. They will give you (x) many days to remove your contingency or they will cancel your contract and go with a new one.

It can be difficult, but certainly not impossible. Get good local representation in each area and coordinate it with them - you should be fine!
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