On Sep 30, 11:00 am, "nomail1...[at]hotmail.com" <nomail1...[at]hotmail.comwrote:
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Offer to buy the new house on a contingent basis, contingent on you
selling the old house. This works in a real estate down market. Or,
work with a real estate agent.


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nomail1983[at]hotmail.com wrote:

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Contingency contract is about the only reasonable way, given your other
stipulations. If you can't get a particular house (some people reject
such offers) or the contingency expires, then that's part of the
process. You'd better be flexible in selecting houses.



Brian

--
If televison's a babysitter, the Internet is a drunk librarian who
won't shut up.
-- Dorothy Gambrell (http://catandgirl.com)

On Sep 30, 12:40 pm, "Daniel T." <danie...[at]earthlink.net> wrote:
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This is the great conundrum of house moving!

Daniel's idea is great when it works.

Since it is a buyer's market, selling your house as the first step
makes excellent sense. Get an accepted offer on the house you are
selling. You could even make your offer on the new house contingent
on an accepted offer on the house you are selling. You "double
close" (have your real estate agent explain this term) and move the
money from the house you are selling directly to the house you are
buying. I was involved in this once as a buyer. (Trying to make your
accpetance of an offer on the house you are selling contingent on
buying a house, although technically possible, is unlikely to work in
a buyer's market.)
You still owe taxes on profits (I'm sure you are aware of the owner
occuppied for 2 out of the last 5 years exemption) so make sure you
allow for that, if necessary. There is always risk that this could
blow up in your face, or lose you a buy (or sell) that you would
otherwise have had.

Good Luck!

"nomail1983[at]hotmail.com" <nomail1983[at]hotmail.com> wrote:

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Since I've done this twice now...

Put your house up for sale and start looking for a new house. Line up
several new house candidates on a priority basis, keep looking while
your current house is on the market.

When a contract is signed on your house, then you make an offer on
whatever house is on the top of your "to buy" list. Arrange both
closings to be on the same day, then pack up.

nomail1983[at]hotmail.com wrote:
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Search the internet for "real estate bridge loan". Some links advise
that if you have enough equity to qualify for the bride loan, you might
also just get a home equity loan.

Or, if the buyer is flexible and you provide enough incentive, you might
arrange to live in the old home on a rental basis for a few months after
it is sold.

-Mark Bole

How do people sell the house they live in and move to a new
house, when the only way they can pay for the new house is
with the proceeds from the sale of the current house?

It seems like a chicken-and-egg problem.

If you shop for a new house first, then put your current house
on the market when you find a new house, you could lose the
new house if the current house cannot be sold in time.

If you put your current house on the market before you find a
new house, you might have to close the deal on the current
house and move out before you have a chance to find a new
house.

Ordinarily, I would say that the latter scenario is workable.
"Simply" find an apartment or house to rent month-to-month
in the interim.

However, month-to-month rentals are hard to find, and breaking
a lease is risky (added cost). More to the point, the house
owner has serious medical problems that makes moving very
difficult; read: once is tolerable, twice in a short time is painful.
And it is unclear that her needs can be met when living in a
small apartment -- especially if there are stairs; read: it might
be difficult to find the "right" apartment in short order.

I'm sure many people face this problem. How is solved,
typically?