Looking to purchase a bigger home and need to sell my current. What's the best way to do both of these at the same time?

Asked by Barry Kent, San Francisco, CA Sun Feb 6, 2011

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Mon Feb 7, 2011
Barry if you have sufficient equity in your current home and need to sell it for the down payment on a new one we can cross-collateralize both properties until the vacated property is sold.

See portfolio lenders / niche products on my website.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
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Karin Cunnin…, Agent, San Bruno, CA
Mon Feb 7, 2011
Hi Barry,

Best to have the money ready! Sell, rent back from the new buyer for a month or two, and buy your bigger home. You wouldn't be able to buy a "short sale" though because they take too long to buy! It would be a good idea to take a tour of homes in your new price range and location before putting yours on the market so you can see what you can get!

Karin Cunningham
Prudential California Realty
0 votes
jo, , Hollywood Hills, Los Angeles, CA
Mon Feb 7, 2011
The easiest way is this: sell your home first, find a short term rental, store your items in storage while you look for a new house. Making an offer on a home you want contingent on you selling yours will work, but only if the person selling it basically has little or no other choices.

Good luck Barry, let us know how it worked out for you...
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Cheryl Bower, Agent, San Francisco, CA
Mon Feb 7, 2011
Hi Barry,

I've worked with clients in your situation & typically have been able to negotiate a 30-40 day seller rent back after close of escrow. This approach has allowed my clients to move just once as well as have a clear idea of budget once their property is in contract with a buyer.

As mentioned, if the subject purchase property does not have a multiple offer situation you may be able to write your offer subject to sale of your property; a seller will be more reassured & your offer will be stronger if your buyer has already removed inspection & appraisal contingencies.

Alternately, I've recently negotiated for a client a rent back prior to close of escrow of the property they are purchasing (they needed more time for finance purposes & all inspections/price negotiations had been completed).

The outcome of negotiations will really vary depending on the needs of buyer & seller. By being creative a win-win can be created for everyone.

If you haven't done so already, you will want to determine your finance options for the larger property as well as pricing & inventory for a bigger home.

Best wishes,

Cheryl Bower, Realtor , CRS, GRI, ABR, ePro
Certified Residential Specialist, Graduate Realtor Institute, Accredited Buyer’s Rep

Cell/text: 415.999.3450
DRE #: 01505551
Web Reference:  http://cbower.com/
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The Laugesen…, Agent, Burlingame, CA
Sun Feb 6, 2011
Dear Barry

It would take 14 hours, we would meet in the morning, review your property and the available comparable sales, decide on a list price and sign the listing..

Let me know if you need any further assistance...

denise laugesen
Top 1% worldwide
Coldwell Banker
DRE: 01011089
0 votes
Helen Chong, Agent, San Jose, CA
Sun Feb 6, 2011
Hi barry:
The best way I find is to sell your current home first, then buy a new one. Just as Denise said, you can make offers on a proeprty you want to buy contingent upon closing of your current property. However, this can make it less competitive on your offer as seller wouldn't want to 'risk' their sale if your property doesn't close. If circumstances allow, it's best to close on your home first, find a short term rental and then buy a new property. In that case, your funds is already in the bank account, it's easier to be qualified for a loan, and your offer will become much more competitive.

As soon as you sign a listing agreement with your listing agent, your agent can immediately start inputting all the information onto the MLS. It shouldn't take more than an hour to input all the information onto the MLS and get your property soem exposure right away.
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Barry Kent, Home Buyer, San Francisco, CA
Sun Feb 6, 2011
Thanks Denise,
If I say I wanted to sell today. how long do you think it would take to get onto the MLS?
0 votes
The Laugesen…, Agent, Burlingame, CA
Sun Feb 6, 2011
Dear Barry
It is best to sell your current home prior to buying a bigger home, you will be in a much better negotiating position once your property is sold. You can sell your house contingent upon you finding a home and typically you would give yourself 30 days to do, in the rare event you can't find a property to buy with in those 30 days you can either renegotiate the terms and ask for a longer period of time to find a home or rescind the contract. That usually never happens...
If you go in on an offer to purchase contingent upon the sale of your home, your offer might not be considered unless their is no competition on the new property that you want to purchase...So far this year I have been in multiple offer situations...I think we are coming out of the recession and people are finally ready to buy...
Good luck to you and if you have any other questions and you are not working with an agent already, feel free to call me.

denise a laugesen
Top 1%
International President's Elite
Coldwell Banker
650-465-5742 (cell)
650-403-6225 (direct line)
email: denise.laugesen@cbnorcal.com
DRE 01011089
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