How to sell house you live in?

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date How to sell house you live in? nomail1983@hotmail.com 09-30-2007  Re: How to sell house you live in? Mark Bole 09-30-2007  Re: How to sell house you live in? Default User 09-30-2007  Re: How to sell house you live in? PeterL 09-30-2007
Posted by nomail1983@hotmail.com on September 30, 2007, 2:00 pm How do people sell the house they live in and move to a new house, when the only way they can pay for the new house is with the proceeds from the sale of the current house? It seems like a chicken-and-egg problem. If you shop for a new house first, then put your current house on the market when you find a new house, you could lose the new house if the current house cannot be sold in time. If you put your current house on the market before you find a new house, you might have to close the deal on the current house and move out before you have a chance to find a new house. Ordinarily, I would say that the latter scenario is workable. "Simply" find an apartment or house to rent month-to-month in the interim. However, month-to-month rentals are hard to find, and breaking a lease is risky (added cost). More to the point, the house owner has serious medical problems that makes moving very difficult; read: once is tolerable, twice in a short time is painful. And it is unclear that her needs can be met when living in a small apartment -- especially if there are stairs; read: it might be difficult to find the "right" apartment in short order. I'm sure many people face this problem. How is solved, typically? Posted by Mark Bole on September 30, 2007, 2:19 pm nomail1983@hotmail.com wrote: > How do people sell the house they live in and move to a new > house, when the only way they can pay for the new house is > with the proceeds from the sale of the current house? [...] Search the internet for "real estate bridge loan". Some links advise that if you have enough equity to qualify for the bride loan, you might also just get a home equity loan. Or, if the buyer is flexible and you provide enough incentive, you might arrange to live in the old home on a rental basis for a few months after it is sold. -Mark Bole Posted by Default User on September 30, 2007, 7:06 pm nomail1983@hotmail.com wrote: > How do people sell the house they live in and move to a new > house, when the only way they can pay for the new house is > with the proceeds from the sale of the current house? Contingency contract is about the only reasonable way, given your other stipulations. If you can't get a particular house (some people reject such offers) or the contingency expires, then that's part of the process. You'd better be flexible in selecting houses. Brian -- If televison's a babysitter, the Internet is a drunk librarian who won't shut up. -- Dorothy Gambrell (http://catandgirl.com) Posted by PeterL on September 30, 2007, 7:06 pm wrote: > How do people sell the house they live in and move to a new > house, when the only way they can pay for the new house is > with the proceeds from the sale of the current house? > > It seems like a chicken-and-egg problem. > > If you shop for a new house first, then put your current house > on the market when you find a new house, you could lose the > new house if the current house cannot be sold in time. > > If you put your current house on the market before you find a > new house, you might have to close the deal on the current > house and move out before you have a chance to find a new > house. > > Ordinarily, I would say that the latter scenario is workable. > "Simply" find an apartment or house to rent month-to-month > in the interim. > > However, month-to-month rentals are hard to find, and breaking > a lease is risky (added cost). More to the point, the house > owner has serious medical problems that makes moving very > difficult; read: once is tolerable, twice in a short time is painful. > And it is unclear that her needs can be met when living in a > small apartment -- especially if there are stairs; read: it might > be difficult to find the "right" apartment in short order. > > I'm sure many people face this problem. How is solved, > typically? Offer to buy the new house on a contingent basis, contingent on you selling the old house. This works in a real estate down market. Or, work with a real estate agent. ======================================= MODERATOR'S COMMENT: Please trim the post to which you are responding. "Trim" means that except for a FEW lines to add context, the previous post is deleted. Similar Threads Posted Re: When Your Broker Tries to Sell You on a Complicated Mathematical Model for Investing... 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