How do you coordinate sale of old home, purchase of new? (NV) (mortgage, sales)

[bunchesofun]

That is what I am trying to figure out. We will have a home to sell here in Ohio where things are going slowly. At the same time, I hear that, especially if you buy a short sale it can take 5 months or so to close. (We're spoiled here, you can close in 2 weeks!). We don't want a double move just on principle, but also because we have a dog and three cats and I think it would be hard to find someone to rent to us.

We are originally from the Bay Area, but left the state 17 years ago and live in Ohio. We're getting older and like the snow and tornado warnings less and less. Want to be close enough to family to visit if we want, but not so close we're in each other's faces all the time. The possibility exists for dh to get a transfer from here to Reno, so job is not a problem.

How does everyone arrange it?

[owelles]

Originally Posted by bunchesofun

That is what I am trying to figure out. We will have a home to sell here in Ohio where things are going slowly. At the same time, I hear that, especially if you buy a short sale it can take 5 months or so to close.

If you eliminate short sales from your purchase possibilities, you'll have a much better shot at coordinating this the way you want to. Some short sales can take only a few weeks - I closed on a short sale I bought only 23 days after making the offer - and others can take more than a year if the bank isn't properly motivated to complete the transaction. Everything fell into place on my short-sale purchase, but that definitely is the exception rather than the rule.

If you look at new-home construction or resales that aren't shorts - and are willing to buy on fairly short notice soon after your house in Ohio sells - you can do it. You might also stipulate a longer-than-usual closing on your Ohio house to buy some additional time. I also would do as much preliminary research as possible on neighborhoods where you might want to live in Northern Nevada.

Good luck.

[braindead0]

Wow, just moved from Ohio.. still own my house there.. should be on the market in a week or so (friends cleaning it up). In our case I can pretty easily afford both houses.. so there weren't any issues. I didn't want to be forced by a sale into buying a house on a timeline..

[bunchesofun]

Originally Posted by braindead0

Wow, just moved from Ohio.. still own my house there.. should be on the market in a week or so (friends cleaning it up). In our case I can pretty easily afford both houses.. so there weren't any issues. I didn't want to be forced by a sale into buying a house on a timeline..

Problem is we have two houses in Ohio at the moment. One paid for, one with a mortgage. We are in the process of trying to sell the one with the mortgage. Not too many nibbles though it's priced right. If we get that one sold we'll be in a better position. We are currently thinking of a move in two years, when my son 2ill have graduated high school and my daughter will be just entering. We're thinking of home schooling her for HS. So there's time at this point, but just trying to figure out how to do it with the least amount of fuss and bother.

I hear what you are saying about short sales. My BIL and his wife put an offer in on a short sale in CA back in June or July, and it was just now rejected by the bank. In Ohio we can close in less than 2 weeks, and have done. I forgot how bad it was in CA. we're CA born and raised, left 17 years ago and spent 18 months in Iowa before settling in Ohio. I've just gotten tired of the tornado watches and warnings. I'll take an earthquake anytime over a tornado.