Author Topic: How to buy without selling my home?  (Read 690 times)

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Offline IrvineRes88

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How to buy without selling my home?
« on: March 20, 2021, 04:42:16 AM »
I am in need of some professional advise..  I saw a new home I like in Orchard Hills, as you all know , Irvine Pacific doesn't t take buyer property sale contingency.... but my situation is that I am unable to buy without selling my current home first. I am told by the sales person that there is a priority list for the home I am interested in, I know I need to have my home in escrow before I can be put on the priority list, but what if my home is in escrow yet I am never called from the seller since there are many people on the priority list?  I don't want to end up have sold my home but not knowing if I can even buy the new home? Any suggestions?

Offline Cares

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Re: How to buy without selling my home?
« Reply #1 on: March 20, 2021, 08:11:01 AM »
Are you able to show enough down payment without selling your home? Then get pre-qualified and get added to the list.

Then you can sell your home contingent on purchasing replacement property.

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Offline USCTrojanCPA

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Re: How to buy without selling my home?
« Reply #2 on: March 20, 2021, 08:45:41 AM »
I had a client who was a contingent buyer with a buyer and the builder wouldn't allow them to get into contract on the home until they showed that their current home was in escrow.  So I stepped in as their cash buyer to get into escrow and then we just kept pushing the closing out until about 1 week before the purchase of the new home.  After they moved out, I staged it and listed it for sale and we needed up doing a profit share about the estimated sales price.  Happy to discuss further with you if you'd like.
Martin Mania, CPA
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Offline IrvineRes88

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Re: How to buy without selling my home?
« Reply #3 on: March 20, 2021, 09:30:00 AM »
Not able to show enough down payment without selling my home.

Offline woodburyowner

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Re: How to buy without selling my home?
« Reply #4 on: March 20, 2021, 09:35:02 AM »
HELOC on your primary, 50k loan from your 401k, margin loan from your brokerage or look into bridge loans. 

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Offline Dr. CA Real Estate

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Re: How to buy without selling my home?
« Reply #5 on: March 20, 2021, 10:03:34 AM »
HELOC on your primary, 50k loan from your 401k, margin loan from your brokerage or look into bridge loans.

Surprised you also didn't mention a reverse mortgage to get the money to get on the priority list.

Best way ideally is to pull some equity out of the home, there's several options, and then show builder the funds to get on the priority list. From there once a home lot is secure you can sell your home and have close of escrow be contingent or have a rent back period from the buyer.
Kris Mendoza
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Offline Soylent Green Is People

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Re: How to buy without selling my home?
« Reply #6 on: March 20, 2021, 11:51:36 AM »
When is the new home expected to be completed? There are ways of showing your ability to close without the need for you to sell your home. Some of these solutions work better in a long escrow on a new home, while others are best deployed in a relatively quick closing time frame.
My .02c

SGIP

Offline USCTrojanCPA

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Re: How to buy without selling my home?
« Reply #7 on: March 20, 2021, 02:42:15 PM »
When is the new home expected to be completed? There are ways of showing your ability to close without the need for you to sell your home. Some of these solutions work better in a long escrow on a new home, while others are best deployed in a relatively quick closing time frame.

This is true, best to consult with a lender to find out what options exist.
Martin Mania, CPA
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Offline kpatnps

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Re: How to buy without selling my home?
« Reply #8 on: March 20, 2021, 03:48:10 PM »
I had a client who was a contingent buyer with a buyer and the builder wouldn't allow them to get into contract on the home until they showed that their current home was in escrow.  So I stepped in as their cash buyer to get into escrow and then we just kept pushing the closing out until about 1 week before the purchase of the new home.  After they moved out, I staged it and listed it for sale and we needed up doing a profit share about the estimated sales price.  Happy to discuss further with you if you'd like.

If the client already had a buyer, why did you need to step in with cash to get it into escrow?

Offline USCTrojanCPA

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Re: How to buy without selling my home?
« Reply #9 on: March 20, 2021, 06:23:49 PM »
I had a client who was a contingent buyer with a buyer and the builder wouldn't allow them to get into contract on the home until they showed that their current home was in escrow.  So I stepped in as their cash buyer to get into escrow and then we just kept pushing the closing out until about 1 week before the purchase of the new home.  After they moved out, I staged it and listed it for sale and we needed up doing a profit share about the estimated sales price.  Happy to discuss further with you if you'd like.

If the client already had a buyer, why did you need to step in with cash to get it into escrow?

Sorry typo, "contingent buyer with a builder" instead of a buyer.  If that buyer wouldn't have been able to get their lot or couldn't close on the purchase of the new home then I just would have cancelled escrow on their exit home.  Zillow, Redfin, Opendoor, Offerpad, etc would never do that.
Martin Mania, CPA
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mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!

 

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