In the home market today what is the best way to sell a house and buy an new one?

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Look first for new home to buy and then put our house on the market..or sell first at our own pace and then look for new home to buy..even if it means renting inbetween. Please advise!

7 Comments
  1. Reply
    tom
    November 10, 2011 at 2:40 am

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  2. Reply
    golferwhoworks
    November 10, 2011 at 2:52 am

    try putting in your offer with the contingency that yours sells as well

  3. Reply
    Lanelle
    November 10, 2011 at 3:44 am

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  4. Reply
    Hettie
    November 10, 2011 at 4:26 am

    Traditionally, if you sell your home first you will have more buying power which translates to more to negotiate with. When taking offers on your home try to get a longer escrow period (maybe 45 days) to allow you time to find your new home. As soon as you have a mutually accepted offer on your home, you can put an offer on the new home. Hopefully this way you don’t have to rent anything in between.

    However…. in the current market you may still have some negotiating room even with a “contingent” (having a home to sell) offer. If your current home is ready to put on the market then do so right away. Then put an offer on the home you’d like to buy “contingent” on selling your current home. The listing realtor and seller will probably want to preview your home (and check out the price) before accepting your offer. By the way the seller can still market and sell the home to someone else while the offer is contingent.

    So, the first scenario is really the best way to go. If you need to make a contingent offer, consider the saleability of your home. Because this market is slow a seller may be afraid of a contingent offer and worry that it will take too long to sell your home.

    I highly recommend that you use a good Realtor to help you sell and buy your homes. They’ll be able to advise you on the best way to handle it for your area.

  5. Reply
    thimbil
    November 10, 2011 at 4:28 am

    Although the real estate market is starting to slowly make a turn-around.. .the mortgage rates are slow to drop enough to kick-start the housing market again.

    Are you up for a challenge? Try selling your house ‘FOR SALE BY OWNER’

    First, call three local Realtors and ask them to come out and do a FREE market analysis of your home. Ask them to point out anything negative.. .like poor ‘curb appeal’…tired carpeting…anything that would turn off a potential buyer.

    Accept the three reports from the three Realtors, thank them for their time and make NO commitment.

    Now you know, from these three evaluations, just what you can realistically expect to get from your home sale.

    Go through your house from top to bottom…unclutter, repair, paint walls a ‘neutral’ color, bright white ceilings…refinished wood floors, newly grout tile floors…replace tired, worn carpet. If you use a very dense padding, you can get away with inexpensive carpet.. .and it will still feel ‘plush’.

    When your property looks like ‘new’…and your landscaping makes your house look attractive.. .it’s time.
    Go through your house and measure every room. List every feature of each room. Note information on lot size (if you can ‘flag’ the pins, do it), total square footage, taxes, electrical use, water use, gas.. .age of heating unit, roof…everything.

    Take a photo of the front of the house and make up a ‘hand-out’ sheet with the picture and all the information listed above.

    Description could be like…
    Huge, 12 x 20 master bedroom, with private full bath, hardwood floors, walk in closet, ceiling fan.
    10 x 10′ Eat-in kitchen with 15′ of oak cabinets, dw, self-cleaning oven, fridge, disposal…
    Stone fireplace in 10 x 15′ living room w/plush new carpeting.

    That’s the idea…

    Now, plan to hold a ‘FOR SALE BY OWNER open house. Put a large ad in the local paper..detailed directions, phone #, brief description, picture, price, time, date.. .and put a sign out front.

    Remove all distractions.. .kids, pets…litter boxes.. .turn on all the lights.. .and be ready for the buyers to come through. Smile, be friendly, hand them the info. sheet.. .and either let them wander freely or give them the grand tour. Present facts only, not emotions….ie.. .This is the third bedroom, it’s 10 x 10’ with a good sized closet.. .not this is Baby Boo Boo’s room. .see all his pictures <:O( OK, you have stated the price that you received from the three Realtor evaluations...those prices had the 6% commission included.. .so you DO have some room to negotiate, should an offer come in.. .so keep that in mind. Once you have a signed offer to purchase, you can expect to have 60-90 days until closing. Now it's time to seriously shop for a new home. Whew, I hope that helps answer all your questions <:O) I've done 'for sale by owner' many times, even though I was a Realtor for 22 years.. .it's all in being prepared.

  6. Reply
    spark
    November 10, 2011 at 5:13 am

    market being so soft right now. I can count 7 homes in my neighborhood for sale and many have had quick sales because of no buyers. When I bought my current home I couldn’t even sell the one I had so I rented it out. Went to live with my parents to save money for a deposit on a new home for 8 months, then was able to take the time to buy my current home. After that, I sold the rental house to the renters. If I could have done it different I would have tried to sell the first home and taken my time. I got impatient. Another thing that sellers look for which may make it harder for you is the contingent buyer category you will potentially fall into if you don’t sell your other home first. The market is hard to predict and selling a home right now is harder than buying one. Good luck to you!

  7. Reply
    cddzap
    November 10, 2011 at 5:26 am

    You can buy first and then sell (provided you get a contract ‘subject to the sale of your present home’ if you are reasonably sure you can sell your house in a short period of time… or are willing to take the pain of reducing the price until it sells… or can do a lease to buy with the risk of broken lease, damage, and any differential between the lease revenue and your mortgage… or do a lease to buy of the other house if you can afford it…

    … or do a swap (I saw the first builder offering such a thing just the other day).

    Then you have to put up with selling, renting, then looking for the new place…

    If you or anyone has a better plan, I will be delighted to hear it since we are faced with exactly the same problem…. at least we are retired and wanting to downsize and eliminate our mortgage. I would hate to have just been transferred, etc. and have to sell a home on short notice in this market…

    Regards and Good Luck (I’ll watchlist this question).

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