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View Full Version : How on earth do people do this?



puglogic
8-21-11, 11:36pm
We're considering buying a different house with more garden space, southern exposure, storage for food, garage, greenhouse, etc. Still a modest place, just more space to breathe a little, install solar, and grow a lot more food.

It used to be that you could purchase a home contingent on selling your existing home. That's laughable now, especially in markets like ours where things sell very slowly, if at all.

So because we can't qualify for another mortgage on top of the one we have already, we'd have to sell the one we've got, find a place that takes dogs and has a reasonably short lease duration, rent for however long the lease dictates, and hope that a) we don't find the right house the very first day of a 6-month lease, and b) interest rates don't go up and push everything out of our range in the meantime.

How on earth do people do this? Am I missing some obvious way around this? It's enough to make me just want to throw my hands up and forget about it.

Anybody worked their way through this?

iris lily
8-22-11, 12:09am
I've wondered this myself, for most people don't have a lot of money to play with in having 2 places.

On a similar note, I know that we'd have to move out, totally, in order to sell our house. We've got too many pets, the daily grind of keeping things spotless for potential buyers is beyond me.

For your rental place I'd concentrate on finding a place that takes dogs and have it be tiny and cheap. Pitch most of your stuff, and store the rest during the In Transit time.

redfox
8-22-11, 4:34pm
That's a darn good question to ask your realtor.

JaneV2.0
8-22-11, 7:29pm
I'm not sure there's any easy way to accomplish what used to be a pretty simple set of transactions these days. I'd move in with my beloved and hope this crumbling wreck of a house was history before our relationship was...

Dragline
8-22-11, 9:56pm
It's not a good time to move. I'm in the process of unintentionally acquiring my parents old home because they could not sell it in time to satisfy their lenders. Anyone want to move to the Bitterroot Valley in Montana?

Let it go right now and focus on paying down your mortgage to prepare for your future move. To everything there is a season . . .

Aqua Blue
8-22-11, 11:00pm
It's not a good time to move. I'm in the process of unintentionally acquiring my parents old home because they could not sell it in time to satisfy their lenders. Anyone want to move to the Bitterroot Valley in Montana?

Let it go right now and focus on paying down your mortgage to prepare for your future move. To everything there is a season . . .

Beautiful area. I lived in Missoula for 30 years. Don't live there now.

Zoebird
8-23-11, 12:53am
I've definitely considered montana -- i actually turned down a job out there with the government working legal in environmental law because my husband pitched a fit. sometimes, i wish i'd taken the job just to have paid off my loans in a few years.

anyway, one option is to consider the current residence a rental property, but if the mortgage and taxes are too high to make it rent-reasonable, then . . .well, yeah, you might need to make-do or ride it out.

Aqua Blue
8-23-11, 9:39am
I have had the good fortune twice of putting my house on the market, having it sell and then finding just what I was looking for in a couple of days and not having to rent anything. Where I live there are lots and lots of houses for sale and if yours sold your would have a good chance of finding what you wanted on short order. Many are vacant, so that would make moving in even easier. I sorta believe if it is meant to happen it happens. I would start looking to get a better idea of what is available and then take the risk.

You could reverse the contingence and put yours on the market with the contingency that you find suitable housing. Quite a few of the houses I looked at the last time I bought were like that.

reader99
8-23-11, 12:22pm
I'm about to have that eperience. I intend to buy a short sale so I have to have already sold here to have the money. My place will sell furnished, so I'll pack everything else into my car. As soon as I have a committed buyer, i'll be looking for my short sale. Probably stay in a motel a couple of nights and if nothing has come along i'll see if I can stay with friends.

puglogic
8-23-11, 1:26pm
Thanks, everybody!

Spartana
8-23-11, 1:32pm
Put your stuff in storage AFTER you sell your house and look to move into a temp vacation home rental. Many allow dogs. Most are fairly inexpensive if rented monthly rather than weekly, and if rented in the off-season. They are furnished and include all utilities, linens, towels, cooking stuff. Pretty much just bring your clothes and toothbrushes! They usually don't require any kind of long term rental or lease agreement or any qualification or credit check, or even a down payment - just the monthly amount which can usually put on a credit card. And while all the costs can add up (storage and rental apt/house) it will be MUCH less overall then paying 2 mortgages or having a long term lease you may want to break. www.homestays.com and www.VRBO.com are 2 sites I've used before. They look expensive at first but check off season, monthly rates and they are usually MUCH cheaper. Also the owners will generally negotiate with you for a lower rate.