How to sell your house and buyer another at the same time!
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- Опубліковано 21 лис 2022
- How to sell your house and buyer another at the same time!
Tips for buying and selling a house at the same time!
This video will give you advice on how to sell and buy a property at the same time. If you can avoid the contingency of selling your home, you're in good shape! This video will discuss the best way to buy a house without making a contingent offer of the sale of your own home. Please reach out to me with any of your questions.
I have years of experience and am an active full-time realtor bringing you the most up to date information on what
If you are considering moving or selling your property in Orange County, don’t hesitate in reaching out to me.
For more information visit www.LambertGroupHomes.com or give me a call at (949) 697-2232
💁♀️ My name is Audra Lambert. I am a South Orange County realtor who focuses in the San Juan Capistrano area. I have over 20 years experience! I love what I do and Love where I live!
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This is not legal advice, nor can I give you legal advice Sorry! Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Nothing here should be construed to form and attorney client relationship. Audra Lambert with the Lambert Group does not render or offer to render personalized investment advice, tax advice, or real estate investment advice. The information provided is for informational purposes only.
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I love your videos! We are selling our In Laws house and using a friend, who is an agent. Not a good idea, but felt obligated. She is very nice, but it's hard to be demanding to a friend. She doesn't show up when other realtors are showing and she has a full time job, besides her Relator job. It's very stressful, selling a home and good communication is Key. Sellers want to know how the showings went, what people thought, any issues that should be addresses. DON'T DO BUISNESS WITH SOMEONE, JUST BECAUSE THEY ARE FRIENDS. I'm sure she will get it sold, but it's been extra stressful. When we sell our main home, I'm going with someone who does it full time and can put in the work. Appreciate the time you take to make these videos! Wish you were in South Carolina near Hilton Head!
Thanks so much for your comment. I hear that a lot: "I felt obligated to use my friend/family member." It can be extra stressful when you're working with a friend or family member....you put up with more than you should due to the relationship. You seem to have a very positive outlook. I am sure it will all work out. Appreciate you sharing your situation...people need to hear it.
Never use a friend or a relatives.
The main problem with any of these plans is that you have to pay movers to move your belongings twice, and you have to pay for storage until you find a home to buy. The logistics of selling, buying and moving are so frustrating.
I completely agree with you. Moving is very inconvenient and very costly. Moving once is the less expensive approach. Thanks for your comment.
We just sold our home but signed a contract on a new home before we sold. We got a contract on our home a week after we bought the new home. We arranged the closing to coordinate so we will had the cash and no contingencies needed to satisfy the builder of our new home. It was a very smooth process. We also sold a condo that we owned at the same time. We are renting back for 6 days so we can get our house packed and moved and the new buyers are very cooperative.
I don’t agree with selling before you even look for a new home if you have good plans in place.
New Subscriber here 🙌🏽 Great video very helpful... In the process of buying and selling so educating myself on the process and all the ins and outs and it's a bit tedious and overwhelming lol so thanks for this video 👍🏽🙂
Welcome aboard! So glad I could assist.
GREAT VIDEO GREAT TIPS 👍🏽👍🏽
Glad you like them! Glad I could help:)
Another great video. Thanks!
Really appreciate your support...means a lot.
Wish you were in the UK! Loving your videos and straight talking attitude 👍 Spot on!
Ahhh..thanks so much!
Great video
Glad you enjoyed it
I think I'll stick with selling my home, live under a bridge for awhile (JK) and be in the position to put an all cash offer on the new home. Does having the ability to pay in cash put me in stronger position against other buyers? Inventory where I live is tight.
Yes, cash is king in my book. The lending organizations are very difficult to work with...sellers love all cash buyers. Less hassle and less risk of a deal failing due to unrealistic lending requirements. That's just my opinion. Some sellers don't care about cash...they just care about the number they will be netting. These sellers don't understand the risk of working with a mortgage lender. Its risky.
Hi Audra. You have shed a lot of light into the type of situation I am in. I am trying to sell first and buy a condo. I live in Chula Vista, Ca. I own a townhouse with 4 beds, 2.5 bath and 1 garage, 1 open space parking. I am actively working with an agent but I need some more advice. Do you help people in San Diego Area? Please let me know.
I was excited to hear about homelight’s services. I looked for reviews on line and most are negative. The BBB has had lots of complaints. I’m not excited anymore. Any chance I’m finding false or misleading info?
Your videos are amazing! Thank you for the straight talk. I wish you were in my area!
We plan to list our paid-for home this year, and can pay cash for the balance, to buy a larger one 1.5 hours away. Do we *have* to take out a mortgage? We have 3 young kids and homeschool. Living in a staged home sounds like a nightmare, but my husband is on disability, so we need low risk, and I'd prefer minimal chaos ~ though I know buying/selling will be a full time job. Thanks for any counsel!
Glad you got some value out of my video..thanks for watching. I think what you're asking is can I buy another house first without closing on the first home. I believe you need the proceeds out of your current home to close on the new one. If so, yes you will need to come up with financing for the second home (which would be expensive due to the interest rates right now). You can also rent temporarily if living in your home while you sell is too much work/stress (this too can be expensive). You can talk to some mortgage lenders about a bridge loan or a company called Home Light that does something similar. The challenge is...if you want to live somewhere besides your primary house while selling, its going to cost you..but it will be more convenient. There are bridge loans out there that allow you to carry two loans...but its expensive. Sorry...selling a house is a lot of work and very inconvenient. Hope this helps.
@AudraLambert Thanks for taking the time to reply, and for your help!
@@salishheights2320 Anytime...and best of luck.
So my question is, with a service like Home Light, do you still pay a realtor to sell your home if they purchase your home? Or do you pay the 1% to them and they own it and sell it?
I just finished selling/buying a home and our offer was contingent on the sale of our old house. The seller gave us 10k below asking even with the contingent offer. The perks of moving to a rural area, I suppose.
Well, good for you!!! If the market is slower, sometimes you get sellers to cooperate. Sounds like it all worked out for you. I love rural areas:). Congrats, BTW.
@@AudraLambert thank you! I think a big part of them being cool with it is that the home we sold was in Phoenix, and it’s a very fast market lately. We closed like a month after listing it.
@@blombardo9498 Yes, it helps when the market times were quicker. Either way, so happy it worked out for you!! Enjoy your new home!!
I'm liqidating a NY properity to purchase a Florida rental home🌞I already have a potental tenant🤞Great video! 💖💛💚
That is awesome! So happy for you!!
She looks like a Barbie doll. She has a brain. She appears to have integrity. Can we clone her?
Ahhh...so nice. You made my day. Thanks for the compliment.
No,in so California it is 2.4%. I just applied witg Homelight, the fee is super high. They are super awesome but the fee is high.
Yes, I believe their fee structure has changed since this video. The risk in the market has increased....so has their fees. I've seen homes ellers reduce their price more than 2.4% on their price to get into another property. They don't want to loose out on another property, so they reduce their price below market value. You may pay a higher fee with Homelight, but it may pay off in the long run. You just have to evaluate if its a risk you want to take. Thanks for watching!
I liked your video. We want to sell our house for the equity and move into a apartment or rental house but we don’t have the money to put first last deposit ETC. How do we find a way to use the equity to rent before we sell?
Hi Alan, thanks for watching this video. You could always get a Home Equity Line of Credit or take a second out on your house. However, this can take some time and during this time the lender/banks don't want to see your house on the market for sale. I am not a huge proponent of taking cash advance out on credit cards, but that too is an option. You can also stick your "personal items" in a storage unit and Airbnb somewhere affordable temporarily. There are companies that will buy your house outright without having to put your house on the market although typically they will give you a much lower value for your property than market value. You could also rent a storage area, declutter/prepare your house for sale and live in it while you are selling your house. Its rather inconvenient living on the property while you sale your home...but it does get around the problem of a deposit on a rental.
Great video! Can you give me an advice? I just want to see if is it possible for me to upgrade to another home? My situation is… I have a 2 bedrooms condo here in OC. The remaining loan amount is $192k. Now I want to sell this and buy a 3 bedrooms home in OC, I think around $700k. Here’s is the difficult part for us. We just done with chapter 13 (do you know any loan program out there that don’t have waiting period?) our credit scores are good, above 700.
HI Tiffany, I know the guidelines have loosened a bit over the last few years. Jason Foreman, mortgage lender, has some credit union programs that might help. Give him a call. He's very helpful. 949-290-9408. Congrats on getting your credit scores up:)
Wow good to know for my bank doesn’t do equity line of credit any more .
Oh wow, I didn't know that banks weren't doing that anymore. Thank for watching my videos!
Marketing my property next week, sale will go toward deposit remaining coming from new joint mortgage, current property no mortgage all cleared, seen new property made offer, if accepted do they need to know mine not sold yet? Or can we give agreement in principle get solicitor to delay things whilst current property sold?
How it works in my area is that you make an offer contingent on the sale of your property. Your seller will ask are require you to prove that you can purchase their property. The seller should ask for proof of funds. If you are selling your own residence and need the money out of your property to purchase the new property, that should have been written in your offer. I would not try to delay "things." Your seller has rights. In California (not sure where you are from) the seller can go after your earnest money deposit for damages caused by their house being held up in escrow due to the buyer not performing or intentionally misrepresenting their position. I would suggest you be upfront with your offer letting the seller know your position. Better safe than sorry.
when selling and buying a new home..If I need the cash proceeds from the sale of my home for a down payment for the new home...at what point during the process do I apply for the mortgage loan? The lender would need to see I have the money to put down. Any explanation would be appreciated.
You will want to get pre-qualified for a mortgage right now. Talk to your lender let them know you will be qualifying for the loan from the proceeds of your property. This is a good exercise to do upfront so you know what your costs and monthly payments would be on the new home. The lender will give you a pre-qualification letter so you can make offers on other properties. However, making an offer contingent on the sale of your home is a bit challenging. Most sellers want your departing residence to be in escrow before considering your offer. Best of luck.
Really don’t trust anyone who are compensated by a commission!
They Never have your best interest at heart😏
Their needs to be a flat fee with basic services!
We own outright. I'm finding we're a strong buyer with only 5% cash. We can sell our property stress free after closing, then fix the new mortgage.
That's great news!! And yes, that sounds like a great plan. So excited for you!!
What if your house is paid for and you have the cash in the bank to cover getting a newer nicer home when yours sells? Anything to watch out for? West coast of Florida south of Tampa bay area.
Hello there. Perfect timing. I am launching a new video tomorrow about "What to look for when purchasing or selling a home." There are some very helpful tips in there. Also, the main thing to look out for is the increase in your property taxes. Congratulations by the way!! You house is paid in full...that's an accomplishment. Well done!
Oh ya...one more thing to check first is the home insurance. We are having a HUGE problem with that right now in my area. Its outrageous!!
Thank you Audra for all the helpful information. I do have a question, as a seller, do we have the right to know the (Whole names ) of the potential buyers that walk into our home? We want to know names, where they're from, if they are cash buyers etc, and if they are per-qualified, however, we dumped a realtor recently because she just didn't see it our way. Now we have another realtor, but for some reason, we feel that we are overstepping our bounds...are we?
Well, if the buyer is working with a licensed realtor, that may be overboard. There are realtor wars you don't see behind the scenes. A lot of realtors won't give up their buyer's names because they don't want the other agent looking their buyer up and trying to take them away. It does happen. I don't think its unreasonable to ask for a pre-qual letter for private showing or proof of funds (which should have their names on it). At an open house, you can request to have the buyers sign in..if they don't want to sign in you can deny them access. The buyers may not want to give up their names either because crazy sellers may find a way to reach them and ask them why they didn't make an offer. yes, it sounds crazy but people do crazy things sometimes.
If the equity in the current home you're selling more than covers your new home purchase price, can you take a mortgage to buy the new house, sell your existing house then pay off mortgage on the new house all in a matter of a few months? What do you see as the downside of paying off the new mortgage within 60 days (using it as a bridge loan)? Are there loan origination fees that discourage this action? This does eliminate a contingent sale.
Hello there! Yes, you can do a bridge loan...its just a very expensive option. Also, sellers start go get anxious about selling their departing home because the monthly holding cost of a bridge loan is so expensive...they often will take a below market offer just to stop the stress of bleeding money. If you are comfortable with the monthly bridge loan payments, then you should be fine. Just know the costs before jumping into it. Its not a bad solution...just a costly one.
Hi Audra! We are selling our home and building new construction for our next home. The build time is 6-8 months, we are considering renting during the buy/sell process. We have 4 kids and a dog in tow, so lots of moving parts to make staging and showing go well if we stayed in our current home while it is on the market. Is this a common tactic?
If you have 4 kids and a dog, it would be very difficult to have your house show in its best light. Its not a bad idea to rent..but do consider the cost of doing so. IF it was my house, I would probably stay with a family member or rent in the short term. I would really work with a realtor who understands your area. Not sure how fast your market times are in your area. However, the better your house shows, the greater chance for success. Best of luck to you...and how exciting to build your own home. Love it.
@@AudraLambert thank you Audra, I appreciate your input!
@@TheThomasMom Anytime...happy to help.
We own our home in a very desirable neighborhood. We also have considerable investments (we just retired). We wish to purchase a condo and was hoping we can do so and move out before we sell our home. We are about to visit our credit union where we received our first home loan. We are hoping to put down 20% for the condo, mortgage the rest and pay it off when we sell the house. Is the loan officer going to allow something like that?
Well, first off, I like the way you think. I don't know your financial situation but what you are proposing sounds doable. I think its best to start with your lender. They will be able to discuss what you can qualify for. Best of luck.
I plan on selling my home which has an equity of about 30% more than my loan and I want to purchase in another state which I’m finding homes for sale a bit less than my home sale. Where should I start?
Hello there! I would first find an area you want to move. Get excited about it. I think its always a good idea to sell the departing house first before making an offe on another because you really don't know how long its going to take to sell a house...or for how much. You have no idea what's going to come up on a home inspection. There are just too many unknowns. I know it can be scary to put your house on the market when you have no idea where you will be going. However, you can always request a 30 day rent back after closing escrow...or find a homeowner who will cooperate with a contingent offer (once your departing residence is in escrow). I know it sounds overwhelming...but if you just take one day at a time, you'll get through it. Best of luck to you!! You'll do great!!
@@AudraLambert thank you so much!! I do realize a plan must be laid out first as you stated here.
@@pgpc6448 So glad I could assist. Thanks for watching my videos. Best of luck to you! You will do great!!
I'm a seller it is Contingent on them sell their home. I was sold a story The realtor supervisor was going to purchase their house. Now 3 days to close we have 3 airline tickets paid for. Should a sign to sell while the buyer needs 7 days more until before they sign 🤔. This only happen when I ask for a copy of the closing documents for my attorney to review. 3 days out. Now as the seller I want out. I don't want to sell 😮. Can I get out the contract 😮.
Hi Marilyn, Oh boy! Every state is different. In California, the only way a seller can back out of the contract is if the buyer does not perform. The seller at some point could give the buyer a notice to perform. If the buyer does not perform within 48 hours of the notice, then the seller can back out of the contract. I am not sure what agreement you have with your buyer. Your attorney should be able to let you if you can legally back out with out any damages. Best of luck...sounds awful!
Hi! Any good agent referrals in Georgia?
Hello there, I don't know any good agents in Georgia. I am sure there are plenty. I just don't know of any I would feel comfortable referring. Best of luck to you and thanks for watching.
What if I paid for my house in cash and I have the proof of funds to show the bank for the loan I also at the same time want a mortgage loan for the entire price of the new home? What do I do then?😮😂
Hello again. You really need to talk to a lender to see what you qualify for and what products they can offer you.
But that works in north California?
It should:)
What is contingent vs non contingent?
A contingent offer is where you make an offer "contingent" on selling your home..meaning, you are making an offer to purchase another home but you need you to cooperation from the seller to wait until you sell your departing home. A non contingent offer is an offer where you don't have to sell your departing residence to purchase a home. Hope that makes sense.
Lose a lot of money, selling your house can't a head selling your house,