do i need to sell before i buy?

I thought that bridge loans are now unavailable,these days.

This is a good question,Snuffles.

W67th,30yrs.,and some others will know about that.

You might very well have to sell before you buy--even if you do it all on the same day.

I'm the broker in a deal closing next Monday in which the seller is closing on the sale of his apartment in the morning, and then closing on the purchase of his new place in the afternoon. Citibank, his lender, after some hemming and hawing, ultimately insisted on this arrangement.

The sellers are moving out the weekend before and will put their things in storage for a day or so (a service routinely offered by movers).

Bridge loans are surely available to at least some people and at some price. But even if you qualify, you would want to consider whether the cost of the loan is more or less than the cost of 1-2 days of storage...and, a night or two hanging out with the folks would be kinda fun, wouldn't it?

I would also want to know what exactly happens if you are unable to sell your current place by the appropriate date.....or at all. A casual stroll through the databases will turn up a lot of expired listings.

What's happening a lot, or at least I'm hearing about it a lot, is that buyers can't get mortgages. Sometimes it takes weeks before this decision is finally made by the lender. You might have back-up offers, but by definition they are usually less desirable offers, and they might very well have moved on by the time you realize you need one.

Re: your other question, I think all things being equal, a broker living in your building might very well be better, because that person can show the apartment to buyers at odd hours and on very short notice most easily, among other reasons. The thing you want to watch for in a broker/neighbor, methinks, is continued enthusiasm for the building, management and neighborhood after lo these many years. The reality is that many brokers work in multiple neighborhoods, and things like targeted marketing might be more valuable to you than the broker's live-in status.

Karla Harby
Charles Rutenberg LLC
kharby@rutenbergrealtyny.com

SELL BEFORE YOU BUY! Unless you are prepared to pay for two apartments

no seller in this market wants to entertain offers with a "need to sell contingency". maybe you should list your place first. once you are in contract with your buyer having secured financing (and, preferably board approval)you should be in a better position to negotiate your buy.

Yeah, but who's gonna buy your place?

I highly recommend selling first unless you can carry two places and (if necessary) pass the board at the same time. MAny times seller's will put in the contracts some sort of flexibility negotiated with the purchaser as to the closing date. This will give you time to look without feeling undue pressure to move forward on a place. You can also always find a short term rental situation should that time expire or you are unable to close on your purchase in time.

Call me at 6467154775 as I have helped many of my clients sort through the process of selling and then purchasing.

Wesley Stanton
Corcoran
www.corcoran.com/wstanton

You don't need to sell a previous residence before you buy a new one, but it is by far the most prudent option. The fact you are looking at bridge loans indicates you do not have a great deal of financial flexibility. Lastly take a hard look at the current market and develop a realistic view of how long it may take to sell your current residence at a fair price. Once you are long two properties the pressure to exit the former may mean taking a bid from a vulture buyer preying upon your need to unload.