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Recent News and Articles on the Keywords: best way + home + buy Related to the article below (Last Update: 8/4/2008)
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The Way to Win in Cross-Border Alliances - J Bleeke, D Ernst - The McKinsey Quarterly, 1992 - questia.com ... the value chain, the coordination may best be done ... continues to contribute in a
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[PDF]New Criteria for Market Segmentation D Yankelovich - Harvard Business Review, 1964 - danyankelovich.com ... of a streetcar full of women coming home from work ... assume in advance that we know
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[BOOK]The road ahead - B Gates, N Myhrvold, P Rinearson - 1995 - plrcatalogue.pearson.com ... Then get the class to vote for the best advertising ideas. ... write down when someone
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What's the best way to sell a home and buy another?
By Jack Guttentag
May 09, 2005
"I currently own a home that I would like to sell, and then buy another. What is the best sequence of steps in this process?"The situation you want to avoid is giving up your existing home before you can move into the new one. Having to find a place to live and store furniture and other effects, while waiting for the new house to become available, can be a nightmare.
In the ideal sequence, you would buy your new house first. Once you have it under contract and the new mortgage arranged, you put your old house on the market, setting a closing date beyond the closing on the new house. That way, you can stay in your old house until you are ready to move into the new one.
But buying the new house before selling the old one is a luxury that few homeowners can afford. Most don't have the income to carry two mortgages. In addition, many need to cash out the equity in their current house to make the down payment on the new one.
The trick is to circumvent these problems while closing on the purchase before you close on the sale. To do this, you need an unconditional contract of sale on your existing house, with a closing date sufficiently far ahead that you can close on a new house earlier.
The contract will circumvent the income deficiency problem. The lenders qualifying you for the mortgage required on your new home will ignore your existing mortgage if that mortgage will be paid off shortly through sale of your current home.
The burden is on you, however, to produce an acceptable contract of sale. Most lenders will insist that the contract include a significant non-refundable deposit by the buyer, and have no escapes for the buyer, such as a mortgage contingency clause.
An unconditional contract of sale also will allow you to cash out some of the equity you have in your existing house with a short-term loan from a bank, called a "bridge loan." The loan bridges the period between the closing on your new house purchase, and the closing on your existing home sale. The bridge loan is repaid when you sell.
Some farsighted homeowners prepare to cash out equity from their existing home to use in buying the new one by taking out a home equity line of credit (HELOC) well in advance. They leave much of the line unused, to be drawn on for the purchase. Like a bridge loan, the HELOC is repaid when they sell their house.
Shop For House First or Mortgage First?
"I am planning on buying a house for the first time. Should I shop for a house first and then a mortgage, or the other way around?"
This question has a catch-22 flavor to it because some lenders want to see a contract of sale before they process a mortgage application, while some home sellers want to see a mortgage commitment before they show you their house. The dilemma is more apparent than real, however.
What a careful house seller wants is assurance that you have the financial capacity to complete the purchase. You can provide that with a mortgage pre-approval – a statement by a lender that it is willing to make a loan to you of a certain size or that carries a certain payment. You don't need to shop for a pre-approval, because the price of the loan is not specified. Further, you only need one pre-approval.
Once you have signed a contract of sale, you shop for a mortgage. The target of your mortgage shopping is a firm price commitment or "lock." You are in no way obligated to take your loan from the lender who provided the pre-approval. In all fairness, however, you should include that lender among those you shop.
