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In today's market you will have a very hard time getting a seller to accept an offer that is contingent upon the sale of your current home. I would suggest that you get it on the market as soon as possible. Once you are in contract on the sale you will be in a much better position as a buyer. However, you will be under pressure to find a new home.
Today’s market where?
In Garden City I can see nobody accepting any contingencies as houses sell quickly.
But east of 110, and certainly 111, many houses are on the market for a while with little action. It’s a buyer’s market for many locations and homes.
I’m seeing homes go on the market for $800K that are now down to $650K in places like Setauket...in some cases selling for what they sold for in 2003.
HELOC but realize that you may have to pay full closing costs if you sell in a year or two after opening it.
Or just sell and rent something in the interim. You will be in a much better position financially on both sides of the sell and buy. Why rush finding a home and maybe settling on something not that great because you have to get out of your current house. Sell yours for top dollar and take your time to find something decent to buy. Rent something nice in the interim.
I am doing this right now. I have officially bit my nails off and I am returning to puberty with the pimples randomly showing up on my face!
It is very stressful because if you can't afford 2 mortgages at once, your house will have to be under contract in order to put bids on the houses you want to buy.
I was lucky to get a buyer to give me full price only 4 weeks after putting my house on the market, but then the houses I had found online while I waited to sell mine, were ALL GONE!
It has taken me more than 3 weeks and dozens of homes, mostly tiny or super old and the ones we like are either taken quickly or the taxes are ridiculous. We have finally narrowed it down to a brand new construction, which will not be ready before the closing on the house we're selling, so we'll have to rent or stay at someone's house for a month or so. And there's another house that is vacant which we just submitted an offer to, hoping that they will accept because that would not leave us in limbo.
If there's ever a next time, I'm not sure what I would do... it's very stressful.
I am doing this right now. I have officially bit my nails off and I am returning to puberty with the pimples randomly showing up on my face!
It is very stressful because if you can't afford 2 mortgages at once, your house will have to be under contract in order to put bids on the houses you want to buy.
I was lucky to get a buyer to give me full price only 4 weeks after putting my house on the market, but then the houses I had found online while I waited to sell mine, were ALL GONE!
It has taken me more than 3 weeks and dozens of homes, mostly tiny or super old and the ones we like are either taken quickly or the taxes are ridiculous. We have finally narrowed it down to a brand new construction, which will not be ready before the closing on the house we're selling, so we'll have to rent or stay at someone's house for a month or so. And there's another house that is vacant which we just submitted an offer to, hoping that they will accept because that would not leave us in limbo.
If there's ever a next time, I'm not sure what I would do... it's very stressful.
I am in the exact same boat, except we didn't even bother trying to time it! We sold and are renting while the new construction is going up. It takes 4 months or so from the day the shovel goes in the ground. Keep in mind there is no way you will get everything you want in an existing home and renovations cost a fortune. When you factor it all together it's cheaper to build new. The taxes could be nuts depending on the County and SD.
we are in the same boat and to tell you the truth i wish we 1)sold our old house first 2) rented out some temp place 3) take our time to find a new home. all of it would have happened with zero pressure and little to no stress.
Now, the current story is that we bought new construction already BUT have not sold our old house yet. We need to make large deposits on new construction and in order to do it we need to sell our old house asap to get the cash. IT IS VERY STRESSFUL. I lost so much weight over this. so much anxiety.
Will be taking home equity line of credit to get the cash. NOT all banks refuse to give this type of a loan when a house is for sale . I did not see anything in application asking if the property is for sale.
I do not know if you can stomach it but personally i would never do it again. Selling first and THEN looking to buy is soo much more comforting. I pray god everyday to get our old house sold. Put yourself in my shoes. Do you want to go through this?? Day and night?
It's totally doable - even if the markets aren't perfect for it . . . get your house in tip-top shape, price it right, put it on the market, then go shopping for your new house. Write a contingent offer and pray. It sounds crazy, but it can work. I did it in a "seller's market" and so can you. You just have to have faith and good people working for you.
IMHO the 'best method' depends also on where you're selling and when, plus whether renting is even do-able. For a family that needs a whole-house rental in an area acceptable to them (even if it's just per school district), that's the first challenge. Especially if they have pets or anyone is a smoker. Many landlords won't rent to people in either case, period. Can't blame them.
Then there's unforeseen circumstances. Our house went on the market in the summer of 2012, in an area south of 27A. Not waterfront but within a couple hundred feet of it, which made it the same problem re: insurance. Three months later Superstorm Sandy came through and although the house had no damage except for a couple feet of water in the crawlspace, all of a sudden buyers were scared to touch anything at all in waterfront neighborhoods. We kept dropping the price multiple times but the place still took more than a year to sell, and at a whopping loss.
I am sure in my own mind that had Sandy not happened, the house would have sold faster.
to OP: go to a bank and apply HELOC - home equity line of credit. Once the funds get ready you can draw $$ from your unsold equity AND pay interest only on amount taken out. Once you sell your old house the HELOC will close and the amount you took against it will be offset by $$ taken from sale proceeds.
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