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I've done this a few times. The first couple weren't so bad - had dogs. The last two were with dogs and kids. Much more challenging. Definitely go in the order - job, sell, buy. Especially in this market. That was also good advice about getting your mortgage processed before you quit your job. We once had to get qualified on one income for that very reason. Luckily the mortgage companies approve you for such ridiculous amounts, we are able to get the house that we then could actually afford on two incomes. Good luck!!!
I often have clients in the same predicament. I suggest a Plan A (ideal scenario) and backup Plans B & C if necessary. I don't know what your job requirements are, but beginning that search will provide some answers to how easily and/or quickly the job/offer may come. Is your line of work something that would interest a headhunter? Can you get some assistance in that area to find a job?
In terms of real estate...although I work in No. NJ and we still see a relatively strong market, it's not the same as 6 months/1 year ago. I always suggest that you place your house on the market for sale with a long lead close time. Most contracts will stipluate a closing date of ON OR BEFORE a specific date. Once you have a solid offer, you're out of attorney review and past any inspections concerns, that's the time to put the house search on fast forward. It's at this point that you could sometimes structure a closing on the new purchase that quickly follows the sale of your current house. In some cases, I go from closing in the morning with clients on one house and closing on the next in the afternoon. Yes, it's stressful! Plan B would be to have temporary housing (friends, relatives or short term residental rental) until the purchase can happen. Another option is to close on your current house and rent-back from the buyers of your house for an additional week, month, more until you close on new house. Of course, that only works if the buyers have the luxury of time to give you that. Have possible back up plans. Your realtor should be able to walk you thru various scenarios and options. Good luck!
Be careful when quitting a job before getting your mortgage. Mortgage companies need 2 years of employment history. My advice is get a contract on your present home, before you sign a contract on a new one.
I was told if there were no skipped paychecks, that it would not make a difference. That's what my last mortgage guy told me when we did have a recent job change prior to getting a mortgage. As long as there is no lapse in income and it's the same amount of oncome, or in the same field... I think. Something like that. Don't remember the specifics, but I do know we didn't have a problem with the recent job change.
They happen to be National City Mortgage. Not sure if they're all like that.
Maybe I'm a little wet behind the ears, but tell me more about temporary housing??....please.
Most areas have Apartments or Hotels that will rent on a month to month basis. I have seen some in NJ, and its purely for people who are relocationing or waiting for a new house to be built. Good Luck
Diane
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Sell, Buy, Job
