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Old 10-15-2013, 06:40 AM
 
7,672 posts, read 9,326,715 times
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Also consider you are going to try and sell your home during the holiday months where most people tend to not buy. Just a thought.

And while you may afford it on your income PLUS your savings. Would you qualify is a whole other ballgame. You would have to have very little to no debt besides your houses and great credit. Have you considered renting your home for a short term? Then you can sell at a better time, qualify better and get your dream home.


Aaaand saw the update. Sorry OP, I know that was disappointing but now you have an idea if another comes up. Good luck!
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Old 08-01-2018, 07:50 PM
 
Location: EastCoast
56 posts, read 12,180 times
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i know this post is old but just in case for those who are in exactly the same situation. Here is what you can do to get that new dream home while still having the old one: take HELOC - home equity line of credit. In simple words take a line of credit against equity of your own 'old' or 'current' home and use this money to fund your new purchase. As soon as your old one sells your HELOC will be paid off from proceedings of sale. If you are still confused simply google HELOC. Many banks provide this kind of service and actually a lot of savvy people do just that: use equity of their current home to buy another one.
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Old 08-01-2018, 10:08 PM
 
Location: Raleigh NC
7,758 posts, read 6,114,541 times
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or, you can sell your current home to an iBuyer (Opendoor for example) for $0.80/$1 and be ready in 2 weeks or 3.

Or do what I said 5(?) years ago and start by getting pre-qualified so you know whether you need to sell first or not. And each market is different; maybe some places the Sellers are cool with "I'll buy yours if I can sell mine" contingency offers.
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Old 08-03-2018, 06:18 AM
 
33,035 posts, read 12,497,258 times
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Quote:
Originally Posted by Galaxy_ View Post
i know this post is old but just in case for those who are in exactly the same situation. Here is what you can do to get that new dream home while still having the old one: take HELOC - home equity line of credit. In simple words take a line of credit against equity of your own 'old' or 'current' home and use this money to fund your new purchase. As soon as your old one sells your HELOC will be paid off from proceedings of sale. If you are still confused simply google HELOC. Many banks provide this kind of service and actually a lot of savvy people do just that: use equity of their current home to buy another one.
A financially savvy friend of mine has done that several times.

She has also refinanced and used the money to buy a new home while renting out the old one.

She is now retired and the income from her half dozen rentals comes in handy.
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Old 08-04-2018, 10:33 AM
 
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I have bought and sold 20 houses.

We have been burned twice. Both times was using the same agent for both transactions. An ethical agent wouldn't do it. Some states do not allow it.
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Old 08-04-2018, 03:01 PM
 
Location: Raleigh NC
7,758 posts, read 6,114,541 times
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I've helped folks sell a house and turn around and buy a house - or buy first them sell - more than 100 times. And never been called unethical for doing it.

Now, if what you're saying is dual agency where the agent represents the seller, and along comes the buyer and makes an offer with the same agent? Yes, that is a trickier deal, but can still be done with perfect human morals and ethics. I've done that probably 15 times in 20 years.
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Old 08-13-2018, 02:52 PM
 
Location: Greater LA area
15,736 posts, read 11,744,086 times
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Quote:
Originally Posted by crone View Post
I have bought and sold 20 houses.

We have been burned twice. Both times was using the same agent for both transactions. An ethical agent wouldn't do it. Some states do not allow it.


why not?
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Old 08-15-2018, 06:35 AM
 
1,301 posts, read 290,880 times
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I thought about this. I wouldn't use the agent I was buying the house from to list mine unless I had already closed on the new home. Think about it. If they know you have a contingency to sell your home on their other deal, wouldn't they encourage you to market it below the value to get a quick sale to save their TWO deals instead of one? It's a built in conflict of interest. I also think dual agency is a built in conflict of interest. I had a realtor in NC try to convince me otherwise. The only person it benefits is the agent.

It reminds me of the time the head guy at the pension consulting firm I used to work for claimed it was ok for him to invest the firm's assets alongside the pension clients because 'he had a Chinese firewall in his brain'. We still get a good laugh over this comment.
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Old 08-15-2018, 06:46 PM
 
Location: Rochester, WA
3,829 posts, read 2,050,555 times
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Quote:
Originally Posted by Grlzrl View Post
If they know you have a contingency to sell your home on their other deal, wouldn't they encourage you to market it below the value to get a quick sale to save their TWO deals instead of one? It's a built in conflict of interest.

Let's be clear, are you talking about an agent representing a seller in the sale of their house, AND also as a buyer on their new place? And they have a contingent offer on the new place? That's not a conflict of interest. That's a SHARED interest. In the example, it is very much in CLIENT'S interest to sell the contingent home as fast as possible. It's in the CLIENT'S interest to not lose the new house. They usually have a deadline.

That's not a conflict. That's an agent who is acutely aware of what is at stake for their client, and in that case, yes, they may need to market it pretty aggressively. They don't need to give it away, but they should be reminded not to turn away good offers. Remember that contingent offers, at least where I am, can get bumped by better offers, until the contingency is satisfied.

I have done both the sale and the next purchase many times, and it can be helpful, as often times, the closing dates and details need to be coordinated between the two.
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Old 08-15-2018, 08:42 PM
 
Location: Raleigh NC
7,758 posts, read 6,114,541 times
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Quote:
Originally Posted by Grlzrl View Post
I thought about this. I wouldn't use the agent I was buying the house from to list mine unless I had already closed on the new home. Think about it. If they know you have a contingency to sell your home on their other deal, wouldn't they encourage you to market it below the value to get a quick sale to save their TWO deals instead of one? It's a built in conflict of interest. I also think dual agency is a built in conflict of interest. I had a realtor in NC try to convince me otherwise. The only person it benefits is the agent.
one agent helping you on both ends would be worse than 1 agent on each end, each agent knowing if either end fails they will have to start over with you?

and I'd love some clarification from you on how you perceive dual agency.

Because dual agency is when the FIRM represents the seller on one end and the buyer on the other. ie, your agent helps you buy a house listed with another agent in their firm. OR, there's a more direct form of dual agency you may be considering - when YOUR agent represents you as buyer/seller and on the other side they personally represent the seller (if you're buying) or the buyer (if you're selling).

I would agree that these are vastly different scenarios. And that there are inherent risks/ways in which the representation you receive are not the same. Most smart people - like you - can figure out if their agent is "pushing" them one way or another in a deal because the agent is a dual agent.
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