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post #1 of 12 Old 08-03-2003, 11:07 PM Thread Starter
 
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Re: buying another house, questions

I am currently in my first house and am thinking of moving to another state and was wondering how one goes about buying another house while you still have the house you are in (haven't sold it yet)

this has to be a common 'problem' how do people overcome it?

TIA

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post #2 of 12 Old 08-03-2003, 11:32 PM
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Re: buying another house, questions

Sounds like a similar problem of having too much money falling from my own a5S, in which case...Id just hop my personal manservant/loveslave on the helo and get him over there with a bag of loot and get it done.


So in applying that to your case, just call Pete and get him on his way already. Its not like he doesen't trust you, he knows you're good for it.

why put off today what you can wake up late and forget to do tomorrow.

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post #3 of 12 Old 08-04-2003, 6:39 AM
 
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Re: buying another house, questions

You comming down south? I know you were looking at the Hotlanta area...
Chris
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post #4 of 12 Old 08-04-2003, 6:52 AM
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Re: buying another house, questions

Bridge loan.

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post #5 of 12 Old 08-04-2003, 7:55 AM
 
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Re: buying another house, questions




Where you moving?
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post #6 of 12 Old 08-04-2003, 8:01 AM
 
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Re: buying another house, questions

A lot of houses get purchased with a 'contingency' that the deal is good if and when the previous house gets sold. Then THAT house gets purchased with a contingency, and so on, so when somebody down the chain gets their first house after living in an apartment, or inherits, or wins the lottery, or gets a good deal on a crack sale, 14 houses change hands suddenly, the economy sizzles, and the sitting administration gets re elected..... So Booth probably wants you to live in a tent until 2005....

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post #7 of 12 Old 08-04-2003, 8:47 AM Thread Starter
 
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Re: buying another house, questions

Quote:
Red Rider : Bridge loan.
i heard about those, but have heard NOTHING good about them. Intrest rates are way high and they actually add to the mortgage you already have. So not only are you taking out another mortgage on your new house, you just added more to your original loan.

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post #8 of 12 Old 08-04-2003, 8:48 AM Thread Starter
 
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Re: buying another house, questions

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NinerPilot : You comming down south? *I know you were looking at the Hotlanta area...
Chris
yeah - around the Dacula/Duluth area

Not final yet, just trying to get some research done so when I ace the interviews I can start right away

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post #9 of 12 Old 08-04-2003, 8:49 AM Thread Starter
 
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Re: buying another house, questions

Quote:
CBRVFR : A lot of houses get purchased with a 'contingency' that the deal is good if and when the previous house gets sold. Then THAT house gets purchased with a contingency, and so on, so when somebody down the chain gets their first house after living in an apartment, or inherits, or wins the lottery, or gets a good deal on a crack sale, *14 houses change hands suddenly, the economy sizzles, and the sitting administration gets re elected..... So Booth probably wants you to live in a tent until 2005....
so is this contingency a thing that all banks deal with?

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post #10 of 12 Old 08-04-2003, 8:55 AM
 
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Re: buying another house, questions

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bubba : Quote (Red Rider @ Aug. 04 2003, 6:52am)Bridge loan.
i heard about those, but have heard NOTHING good about them. *Intrest rates are way high and they actually add to the mortgage you already have. *So not only are you taking out another mortgage on your new house, you just added more to your original loan.
Nothing wrong with a bridge or swing....interest is even reasonable, if you find a good lender. You can do maintenance (interest only) if you choose, or continue to pay the full boat...your choice.

Not sure what you mean by 'add to your original loan'....thats not the case....the swing loan pays off your current mortgate in full.

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post #11 of 12 Old 08-04-2003, 10:38 AM
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Re: buying another house, questions

Talk to a local bank, realtor, or mortgage company. A bridge loan is a short term loan/mortgage that you take out to buy the piece of property you're interested in with the intention of paying it off as soon as your current home is sold. There are numerous financing/interest rate options available depending on your needs. The down side to a bridge loan is you will be paying on two pieces of property, assuming your current house still has a mortgage on it. They key to a bridge loan is that you only want to borrow the money for a SHORT period of time, based on the assumption your house sells fast. Otherwise, make a contingency offer (like others have suggested) on the new piece of property and hope that the sellers will accept it knowing they have to wait for your house to sell before they can close on the sale.

Good luck...

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post #12 of 12 Old 08-04-2003, 11:00 AM
 
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Re: buying another house, questions

Contingency! 'Purchase is contingent on sale of current home'. There's 100's of implied contingencies on the sale of a home. And you can write as many additional ones as you like, but the seller has to agree to each of them. It's during the offer and counter offer(s) that contingencies get into the contracts.
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