Planning your Move
The ideal situation would be to find the home of your dreams, and write a contract contingent on selling
your house. It would be accepted, and you would locate a buyer who will close
on the same day you want to close on your new home. Oh, and the buyer will give
you a few days after closing to have a less strenuous move. Wow, this is what
we strive for.
People are afraid that if they put their house on the market first that they will end up sitting on
the curb with no place to call home. When you are shopping for a house to become
your next home it helps to know what you want or need. Those that shop the market
to figure out what they want just take a long time unless emotion just takes over as they drive up to a particular house.
The growing family with equity in the existing home will take out that equity in a short term bridge
loan. This then is the down payment for a stated income loan on their dream house. Until the original house sells and closes they could end up with three payments each
month. If one thing or another stretches out the family could start getting real
anxious as cash flow gets weaker. A trusted lender can save the day. The least amount of hassle for the growing family is when the lender is willing to take a small equity
position in the original house. Using the appraised value of the house he can
then do the documentation for the note on the dream house. In the mean time the
old house is put on the market and until it sells the family only has that original note payment to make. Interest may not be cheap, but there could be a large savings on multiple documentation fees. So bottom line this growing family finds the dream house uses equity closes and moves into it as the existing
house is put on the market and sold.
Try to have a contract on the existing house before you move.
Empty houses do not show as well. Every blemish is right out in the open. With rugs or walls it is right there. All
moving damage becomes part of what is shown. So when planning take into account
the post move painting, rug shampooing, caulking, and cob web removal. Elbow
grease creates sweat equity. The shiny can sells better than the dirty dented
can.