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If you do not need the proceeds than dont worry about a thing. When I purchased back in 2008, I didnt need to sell my Condo in order to purchase. Ended up just working out timing wise. Fast forward to 2019, I needed to sell my house and I ended up loosing a few properties that I wanted as other buyers could close faster than me.
It also helps to have a quality bank behind you and a strong RE agent! I would definitely start the process of putting your place on the market as quickly as possible as then you can dictate your close.
I also got money from my FCU for selling and buying with a preferred agent! Winning!
Bought w/ a contingency to sell my coop just this past summer. I believe we overpaid slightly over market, but you do what you got to do. If your offer is attractive, you'll find a willing seller. My broker said our offer would not be competitive, but I said to put it in anyway. It was accepted. I don't agree with the rest of the comments saying this is a seller's market. It's turning and starting to stagnant.
Remember to use a buyer's broker that rebates commission. I got 2/3 of the commission rebated to me after the closing. Saved a very nice chunk of change.
Can I ask what area you purchased in? Did you put your coop up for sale before your search? How did you work it out?
We have narrowed down our search to south shore, Merrick through Massapequa Park. I know these are hot locations right now, which makes me more concerned as well regarding a contingency.
If you do not need the proceeds than dont worry about a thing. When I purchased back in 2008, I didnt need to sell my Condo in order to purchase. Ended up just working out timing wise. Fast forward to 2019, I needed to sell my house and I ended up loosing a few properties that I wanted as other buyers could close faster than me.
It also helps to have a quality bank behind you and a strong RE agent! I would definitely start the process of putting your place on the market as quickly as possible as then you can dictate your close.
I also got money from my FCU for selling and buying with a preferred agent! Winning!
The bigger issue really is the debt to income ratio of carrying 2 mortgages. I have not spoke in depth regarding this to a bank/broker yet, just from my immediate understanding and some knowledge on the subject, it will be difficult to secure financing if I attempt this route.
Um, I believe that rebating is illegal. I know it is illegal if Insurance agents do it, I would imagine it is the same for RE.
It is, in fact, legal for a real estate broker to rebate to someone who is a party to the transaction (the buyer or the seller.) They cannot pay anything to a third party who is not licensed for referring business.
We sold our old co-op … buyer had a contingency b/c the board had to approve her before we could go through with the sale. We were ok with it b/c we knew she had a good job and good credit so we approved her offer knowing that (& the board did approve her).
Had she had bad credit or something, we would have rejected. It's not necessarily a bad thing but sure there was always that chance she'd get rejected.
I've been using these forums for research and have come across some very good and useful information.
We will be beginning our home search in Nassau County early next year
I would advise looking at the situation a little differently. You should be beginning the process of selling your current co-op ASAP and then looking to buy once you have that in place.
I would advise looking at the situation a little differently. You should be beginning the process of selling your current co-op ASAP and then looking to buy once you have that in place.
Exactly. You can sell, close, and still live there for a few months while paying rent. Just include that in your sales contract.
Can I ask what area you purchased in? Did you put your coop up for sale before your search? How did you work it out?
We have narrowed down our search to south shore, Merrick through Massapequa Park. I know these are hot locations right now, which makes me more concerned as well regarding a contingency.
Town of North Hempstead. We were a week away from listing it when we made an offer, but already signed contracts and photographer scheduled. It probably helped we used the same broker, but different agents, for the selling and buying. We never considered the south shore so I don't know the market there. The all-cash Chinese buyers are disappearing from this area so things are calming down up here.
We did end up waiting 2 months to close on the house after our coop closed so we had to make other arrangements. I consider that to be the cost of transaction. I was also really scared that our coop would not close because buyers would be rejected by some BS interview or some other junk so as soon as we had the ok to close, I closed on the coop as soon as we could. Never going back to a coop again.
Um, I believe that rebating is illegal. I know it is illegal if Insurance agents do it, I would imagine it is the same for RE.
Completely legal. AG Schneiderman put out a press release clarifying the law AND encouraging all buyers in NYS to take advantage. It's meant to spur competition in the real estate industry.
Town of North Hempstead. We were a week away from listing it when we made an offer, but already signed contracts and photographer scheduled. It probably helped we used the same broker, but different agents, for the selling and buying. We never considered the south shore so I don't know the market there. The all-cash Chinese buyers are disappearing from this area so things are calming down up here.
We did end up waiting 2 months to close on the house after our coop closed so we had to make other arrangements. I consider that to be the cost of transaction. I was also really scared that our coop would not close because buyers would be rejected by some BS interview or some other junk so as soon as we had the ok to close, I closed on the coop as soon as we could. Never going back to a coop again.
Hoping things slow down within this coming year, that would definitely help out a little bit.
But yea that's the main concern I'm really having with trying to sell and buy, figuring out arrangements for that in between time if the closings do not align. Since were in a coop, I don't know if they would allow a sell and then rent because we all know coops do not make anything convenient.
And agree with you as well, never going near a coop again after this one.
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