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I need some advice on how to orchestrate all of this. Not sure if the general moving forum would be better, but we are wanting to move cross country. We will be buying a home in the new state, but need to sell our home first. We do own the house outright. Not sure how to do this. I was thinking of selling with a contingency of a rent back? I would love to find a home and put an offer with a contingency of when we sell our home, but I don't think that's feasible. Most sellers probably wouldn't take it and I completely understand why. Have you done this and if so what worked for you. We thought about selling and then renting in the new state, but that really won't work. We don't want to have to move our stuff twice, plus with 3 dogs it's hard to find a rental. Any advice? Thank you!
If your market is hot, you'd be able to get the rent back contingency from some buyer. If you have a slower market, that will be a much more difficult strategy.
Most of my clients do simultaneous closings. Close on their house in one state, pack the van, and close en route on the house here.
Once you have a buyer lined up, it's usually 30-60 days to close. Couldn't you then fly to the new state and find a home to buy at that time? And do what the person suggested above, close on the same day. Your realtor can attend the inspection, handle appraisals etc. Or stay a week in the new state and do it yourself.
It also depends on where you're moving and the home prices there. If you own your home outright, and are willing to pay cash for another home, you can close a bit quicker than if you need a mortgage. Have you talked to a real estate agent where you're moving? They may be able to give you good tips for the area you're moving to.
Thanks for all the info! I think we may do the simultaneous closings. That seems to make the most sense. We have not talked to a real estate agent where we're moving to yet, because we're not exactly sure of when we'll be moving. I'd prefer to move in the fall/winter, but I know we'd get more money for our house if we move in the spring. Then we're trying to decide if we can get the house purged and on the market this spring. We are flying out in April to look at the area and houses. We do plan on using the money from this house for the next. Just for info we are looking to move to Scottsdale, Az or Gilbert, Az.
I'll be interested to hear how this turns out for you, msjack. We're planning on moving from Indiana to Peoria, AZ and are in a similar situation. I don't want to move twice. In fact, I may go ahead with one kid while my wife stays behind with another kid while she finishes high school. It will all depend on how long it takes to sell the house here in Indiana. If it does work out that way, though, my wife and daughter may just rent an apartment to stay in (in minimalist fashion) until they're ready to head west.
We want to focus our spending and labor on Arizona, not Indiana. I think we'll also be wanting to do simultaneous closings as well. When we bought our house here in Indiana, we moved from California and when we came here, we had a stack of printouts of homes that we wanted to look at (only about 6, actually) and when we got here, we looked at them all. We eliminated some and ranked the rest in order of how much we liked them. Fortunately, we were able to negotiate an offer on house #1 that was satisfactory to both sides and we got this house. I'm hoping we can do the same in AZ when the time comes, in a year or so, although I do believe Phoenix is more of a seller's market.
Another point worth mentioning is that once the move takes place, I'll be working from home. I work in radio and can do all of my daily shows from my home studio. My wife will have to find a job somewhere in the Phoenix metro, but it seems like the job market out there is pretty decent for someone with a reasonable set of skills.
Anyway, I'll be following and looking for more advice and to hear how it works out for you or anyone else who wishes to share.
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