Selling/Buying a House in Today's Market

[marsupial]

That sucks for your friends as I am pretty sure that to qualify for the tax credit, you just had to have a contract in place by the end of april, while closing by the end of may.

I don't know. I think they were pretty happy to have their house sold.

[Babs]

Method A
1. Put house on market
2. When house sells, then start looking for new house. Stay in temporary housing if necessary.

There's bazillions of houses on the market. You won't need temporary housing, and the fact that you'll already have a contract on your house will make your own offer to buy much stronger.

[ewth8tr]

I don't know. I think they were pretty happy to have their house sold.

I just mean that they ended paying rent for a month because the buyers misunderstood the tax credit. Like you said though, I'm sure the fact that it sold so quickly more than made up for it.

We are in a tough situation in that we bought a house that needed a lot of work, never got around to most of it, then add in the fact that it is in South Salt lake 1 block from the first KFC and it's made it a tough sale. We've continued to drop the price and give other incentives ($2k to buyer for carpet/paint, etc), but still nothing.

[pellegrino]

I hate you.

There's nothing better than hate served up with a smile

[Solon]

I just mean that they ended paying rent for a month because the buyers misunderstood the tax credit. Like you said though, I'm sure the fact that it sold so quickly more than made up for it.

We are in a tough situation in that we bought a house that needed a lot of work, never got around to most of it, then add in the fact that it is in South Salt lake 1 block from the first KFC and it's made it a tough sale. We've continued to drop the price and give other incentives ($2k to buyer for carpet/paint, etc), but still nothing.

for the tax credit, you had to sign papers by april 30, close by end of june.

1 block from KFC is a strong selling-point in my book. Good luck.

[statman]

1 block from KFC is a strong selling-point in my book. Good luck.

Where's the nearest Family Dollar? I love me some Family Dollar...

[Babs]

I hate selling houses. hate hate hate.

[Babs]

okay. we got a contract. no contingency. now we've just got to make it through inspection. (no whammies, no whammies....)

[falafel]

So we are thinking about moving and have found a few options that are intriguing. We've been aggressive in paying down our mortgage on our current house, and coupled with the recent rise in property values, we've got some equity. If I can pull it off, I can use that equity for a down payment on a new place and end up with a similar mortgage on a bigger home. My wife doesn't want to list our current house until she's sure we have a new place.

Here's my question. Assuming I need to finance a new home before the equity in my current home is available, what is the best way to put that money down on a new place? I was thinking of getting a loan and then immediately refinancing once the old home sells, but that seems awkward and I'm not sure that a refinance would be available that quick. I don't want to just plunk down a lump sum against the new mortgage, because then my monthly payment would still be based on the higher amount.

Thoughts or suggestions?

[MarkGrace]

New boat, new house, all you need is a new watch and you'll have fus in fits of jealousy.

[falafel]

New boat, new house, all you need is a new watch and you'll have fus in fits of jealousy.

smileys-whistling-825578.gif

[Uncle Ted]

So we are thinking about moving and have found a few options that are intriguing. We've been aggressive in paying down our mortgage on our current house, and coupled with the recent rise in property values, we've got some equity. If I can pull it off, I can use that equity for a down payment on a new place and end up with a similar mortgage on a bigger home. My wife doesn't want to list our current house until she's sure we have a new place.

Here's my question. Assuming I need to finance a new home before the equity in my current home is available, what is the best way to put that money down on a new place? I was thinking of getting a loan and then immediately refinancing once the old home sells, but that seems awkward and I'm not sure that a refinance would be available that quick. I don't want to just plunk down a lump sum against the new mortgage, because then my monthly payment would still be based on the higher amount.

Thoughts or suggestions?

Isn't that what contingencies on offers are for?

[cougjunkie]

So we are thinking about moving and have found a few options that are intriguing. We've been aggressive in paying down our mortgage on our current house, and coupled with the recent rise in property values, we've got some equity. If I can pull it off, I can use that equity for a down payment on a new place and end up with a similar mortgage on a bigger home. My wife doesn't want to list our current house until she's sure we have a new place.

Here's my question. Assuming I need to finance a new home before the equity in my current home is available, what is the best way to put that money down on a new place? I was thinking of getting a loan and then immediately refinancing once the old home sells, but that seems awkward and I'm not sure that a refinance would be available that quick. I don't want to just plunk down a lump sum against the new mortgage, because then my monthly payment would still be based on the higher amount.

Thoughts or suggestions?

Here is a little trick that most people don't know. If you pay more than $5000 to principal most lenders will actually re-amortize your payment without having to refinance.

I have a client who sells security systems for Vivint, at the end of each summer he puts down 50-100k on his home and the lender adjusts and re-amortizes the loan for him. Off the top of my head I know GMAC, Greentree, Wells Fargo, PHH, and Chase will all allow this.

It is more and more common, I would call the lender you are working with and ask them.

[falafel]

Here is a little trick that most people don't know. If you pay more than $5000 to principal most lenders will actually re-amortize your payment without having to refinance.

I have a client who sells security systems for Vivint, at the end of each summer he puts down 50-100k on his home and the lender adjusts and re-amortizes the loan for him. Off the top of my head I know GMAC, Greentree, Wells Fargo, PHH, and Chase will all allow this.

It is more and more common, I would call the lender you are working with and ask them.

That's good advice, thanks for the tip.

[falafel]

Isn't that what contingencies on offers are for?

I've owned two properties in my life, but both were new builds. I've never had to sell a house and buy a new one at the same time, so I don't know anything ab out contingent offers. Also, if we make on offer on one of these properties, I think we'd want it enough to not have the contingency impact whether the seller accepts.