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Old 07-07-2011, 12:33 PM
 
Location: Glen Head, NY
840 posts, read 1,290,298 times
Reputation: 350

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we have not sold our house but looks like we getting a settlement on the second (never missed a payment) which will allow me to drop the price and sell without incurring a loss (if i price it in line with proposed settlement will be fine and should move fast). Am also ready to go to contract tonight on a new house. Am I nuts doing this before selling? I have roughly 3 months to get it sewn up.
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Old 07-07-2011, 01:37 PM
 
Location: Tempe, Arizona
4,511 posts, read 7,527,014 times
Reputation: 2106
I think it would be more of a concern for the seller of the home you are planning to buy. They are the ones at risk if you can't follow through if your home does not sell. Most seller's wouldn't agree to this unless you at least had a contract on your home.
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Old 07-07-2011, 03:20 PM
 
2,060 posts, read 3,109,866 times
Reputation: 1588
Can you qualify for, and afford the new house while still owning the old one?
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Old 07-07-2011, 06:29 PM
 
Location: Lemon Grove, CA, 91945
4,536 posts, read 4,874,962 times
Reputation: 1629
Sounds to me like you might be biting off more than you can chew. Remember there are other parties involved, not just what you think will work in your mind.

This is pretty risky based on your post and I think the seller would be pretty stupid to even consider your offer. 3 months is a LONG time to wait for you to "maybe" sell your house.
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Old 07-08-2011, 08:53 AM
 
Location: Gilbert - Val Vista Lakes
6,066 posts, read 8,509,233 times
Reputation: 3684
I would advise my sellers to not accept a contingency on a buyer selling their house. It's too risky.
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Old 07-08-2011, 09:03 AM
 
3,783 posts, read 4,724,613 times
Reputation: 1842
Quote:
Originally Posted by kunk10 View Post
we have not sold our house but looks like we getting a settlement on the second (never missed a payment) which will allow me to drop the price and sell without incurring a loss (if i price it in line with proposed settlement will be fine and should move fast). Am also ready to go to contract tonight on a new house. Am I nuts doing this before selling? I have roughly 3 months to get it sewn up.
How long can you survive paying two mortages?
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