selling and buying

you have to find a seller willing to agree to your "sale of existing home" contract contingency. might be possible these days, just like the financing contingencies are more common. but really, what seller wants to wait for you to sell your apartment?

take a look at the market and see if there are apartments, multiple, that fit your criteria and price point. then put your apartment on the market for a reasonable price. after the first open house, you should know if there is sufficient interest in your current place with the current price point.

i would disagree with gcondo as i would NOT agree to a contigency on the sale of your current unit if i was a seller. the market is difficult enough. the only time i would agree is right about this time of year after the seller's apartment has been on the market for over 3 months. that way the seller takes the apartment off the market for 3/4 months and gives you some extra time to sell your place. if the deal falls through, they are back on the market during spring when there are more buyers.

i cant imagine a seller selling to you contingent on the sale of your existing apt, without being paid well for doing so

focus on the sale of your current place, keep an eye on the market for that which you will buy, and sell first. you are lucky that today is at least way more a buyers' market than that of the bubble years, and the chance of prices rallying and leaving you behind prior to your purchase with proceeds are very slim

and many will say that the market might well decline during the interim

looking forward,how does it work out as far as timing,in other words do i have to vacate my current home prior to closing or do you add a contingency that gives me a day to move out after closing? thanks for the great help!!

contingency is the best way. another way is to have the moving company move you out and keep your stuff in the truck. after closing they bring the truck to your new place to move in.

it is fantasy that you can get contingencies for anything other than mtg approval, without paying dearly, if even then you could get a seller to agree

and in coops, if a buyer needs even a mtge contingency, it is a red flag that he/she might not pass the board

sellers want to sell--they don't want to take their apts off the market for contracts that might well not close

sell first, close--then, after closing, sign contract to buy

thanks for all the help

Went thru this very recently and it is a real juggling act. You need your buyer to agree to a post-closing occupancy of a couple of months. Start looking for something to buy when you put your condo on the market and start looking seriously once you receive an offer. You can't really make an offer until your sale is in contract and may want to wait to sign a contract on your purchase until your buyer satisfies their mortg contingency. No seller is going to agree to make your purchase contingent on your sale.

In retrospect I probably should have just rented for a year after my sale and saved a lot of stress.

freezer, main issue is financing. If your financials are very strong so that you can get a mortgage on your new apartment without selling your existing apartment, it is very easy. dylan has a great suggestion to have a contract to sell first and then look. Many buyers will agree to post closing possesion if you negotiate at the time of accepting the offer (Not after).