Our offer on a house was verbaly accepted by the seller and we are
already pre-approved for the financing. When should we put our current
house up for sale: (a) after signing a contract for the purchase of
the new house or (b) after attorney review for the new house or (c)
after the home inspection of the new house. Any help would be
appreciated. Thanks

Our offer on a house was verbaly accepted by the seller and we are
already pre-approved for the financing. When should we put our current
house up for sale

Right now. When you sell your current property, be sure to add in the contract
that the sale is contingent upon your closing on your new house by whatever
date.
Pat

(Patscga) wrote in message ...
Our offer on a house was verbaly accepted by the seller and we are
already pre-approved for the financing. When should we put our current
house up for sale

Right now. When you sell your current property, be sure to add in the contract
that the sale is contingent upon your closing on your new house by whatever
date.
Pat

Thanks, but isn't it possible that the deal to purchase the new house
may fall thru during inspection or attorney review? If so, should I
not wait until after that so as not to premtively put my house up for
sale.

Thanks, but isn't it possible that the deal to purchase the new house
may fall thru during inspection or attorney review?

You will say in the contract covering the sale of your old house something
like:
"This sale is contingent upon seller's closing of the house at such and such
address by such and such date."
If anything goes wrong with your purchase, you don't have to sell your present
home.
Unless you have a lot of money, no lender will let you buy a house until you
have a firm contract on the old house because most people can't afford to be
paying two mortgages at the same time and most people need money from the sale
to purchase the new one.
Whatever you decide, have a realtor or attorney handle the transaction. I think
you need a realtor badly.
However, I have the feeling you will do it the way you want to so I'm probably
wasting my time.

Pat

"wn23" wrote in message
om...
.. When you sell your current property, be sure to add in the contract
that the sale is contingent upon your closing on your new house by
whatever
date.
Pat

Thanks, but isn't it possible that the deal to purchase the new house
may fall thru during inspection or attorney review? If so, should I
not wait until after that so as not to premtively put my house up for
sale.
S
\\

Sure, you can wait until after you close on the new house if you want...but
how long might it take to sell your current home? Are you willing to carry
two mortgages for some period of time if your current house does not sell
quickly? What will you do if it takes 6 months for your current home to
sell?

On 5 Jul 2004 21:18:37 -0700, someone wrote:

...be sure to add in the contract that the sale is contingent...

Thanks, but isn't it possible that the deal to purchase the new house
may fall thru during inspection or attorney review?

It could fall through much later than that. It isn't yours until it
closes. But that is why the responder told you to BE SURE to put in
the CONTINGENT clause. Did you miss that part????

-v.

"wn23" wrote...
Our offer on a house was verbaly accepted by the seller and we are
already pre-approved for the financing. When should we put our current
house up for sale

Right now. When you sell your current property, be sure to add in the
contract
that the sale is contingent upon your closing on your new house by
whatever
date.

Thanks, but isn't it possible that the deal to purchase the new house
may fall thru during inspection or attorney review? If so, should I
not wait until after that so as not to premtively put my house up for
sale.

Most people in "normal" circumstances (need to sell one house in order to
afford a new one) put their current house up for sale before looking for a
new one, or at the same time.

If you are getting a mortgage for the new house, and depending on your
financial situation, it may be more difficult/expensive to get the mortgage
if you have one on your current house and cannot show the lender an imminent
probability of sale. If you haven't even started advertising it, that
probability is significantly lower. While you may be pre-approved for
financing, the final interest rate may be higher if the lender perceives a
higher risk with your 2 mortgage payments.

OTOH, if you have no problem carrying 2 mortgages simultaneously, or the
situation doesn't apply, wait as long as you want.