You are right. You look at houses while yours is on the market. Your realtor should be able to give you somewhat of a time frame it might take to sell your house. You put the other house on a contingency for when you sell yours.
You are definitely doing the right thing. My parents made that mistake once and purchased a home before they even put their current home on the market. The market took a hit and they had two mortgages for a while! Tell your MIL to stick it!
You could potentially do it your way or the way your family is telling you. Your way is more logical. You wouldn't want to purchase a house without yours selling and end up with two mortgage payments. Houses are selling fast right now. If yours sells quickly, you just need to make sure that you give yourself enough time from when you accept the offer to when it closes. That way you'll be able to find what you want and hopefully the sellers will set their closing day close enough to your closing day.
We could float two mortgages for a while, but we need the money from the sale of this house to put down on the next. We have to sell this house first as we have a lot of equity and I'm shooting for a super cheap mortgage payment!
Even if you do sell your house super fast and haven't found the house you want to buy... You can short term rent somewhere. We sold our house in 15 days.... It was very unexpected. We just rented for 5 months until we figured out where to go next.
I would recommend listing your house first, and then start searching for a new home. Like you said, you can always have the contingency that your current house is sold.
Preference - would you rather have 2 mortgages for a short time & can afford to close on new house before selling old house... OR would you prefer to move twice (ie short term rental and/or storage) but not risk having 2 mortgages... Also depends on how hot the market is where you're selling.
Ashley Roan·
Ps - I know that some people buy houses or have them built before they sell their's, but from what I understand, that's not the typical process.
deleted-user·
You are right. You look at houses while yours is on the market. Your realtor should be able to give you somewhat of a time frame it might take to sell your house. You put the other house on a contingency for when you sell yours.
Ashley Roan·
Thank you! When we bought this house, we were renters, so this is the first house we have had to sell.
deleted-user·
You are definitely doing the right thing. My parents made that mistake once and purchased a home before they even put their current home on the market. The market took a hit and they had two mortgages for a while! Tell your MIL to stick it!
deleted-user·
You could potentially do it your way or the way your family is telling you. Your way is more logical. You wouldn't want to purchase a house without yours selling and end up with two mortgage payments. Houses are selling fast right now. If yours sells quickly, you just need to make sure that you give yourself enough time from when you accept the offer to when it closes. That way you'll be able to find what you want and hopefully the sellers will set their closing day close enough to your closing day.
Ashley Roan·
We could float two mortgages for a while, but we need the money from the sale of this house to put down on the next. We have to sell this house first as we have a lot of equity and I'm shooting for a super cheap mortgage payment!
deleted-user·
I agree with you.
Even if you do sell your house super fast and haven't found the house you want to buy... You can short term rent somewhere. We sold our house in 15 days.... It was very unexpected. We just rented for 5 months until we figured out where to go next.
deleted-user·
Realtor here ??
I would recommend listing your house first, and then start searching for a new home. Like you said, you can always have the contingency that your current house is sold.
deleted-user·
Preference - would you rather have 2 mortgages for a short time & can afford to close on new house before selling old house... OR would you prefer to move twice (ie short term rental and/or storage) but not risk having 2 mortgages... Also depends on how hot the market is where you're selling.
Ashley Roan·
The market is good around here. Most people just move out of their old home into the new home.