Thursday, December 06, 2007
Dreaming of a 3 bedroom townhouse
Whoa, how did Thursday happen? I've been so busy this week, it's just flying by. I am in the midst of working, party planning (Eva's birthday bash countdown: 3 days), Christmas cards, annnnd we might be house hunting.

We weren't planning on looking for a bigger place until long after Baby Bean arrived. But, Nich works for a builder, and the Big Boss said we'd surely get a great deal if we wanted to buy one. So, we picked our townhouse, and then talked numbers with the Big Big Boss.

No deal.

I wish first Big Boss wouldn't have gotten our hopes up. I was so bummed. I ate lots of ice cream, and had lots of Starbucks therapy. But, I'm doing better now. And, hopefully we can settle this moving thing before Baby Bean arrives.

Now, I need some advice. Some background: Nich and I have always bought brand new. In this scenario, selling and buying are relatively easy and there is almost no fear of having two mortgages at once. Now, my question for you is, HOW does one normally go about buying and selling with trying to work out the dates so you're not:

A) Homeless
B) Strapped with two mortgages

Do you buy first? Sell first? Make an offer contingent to sale? I need your wisdom, oh wise ones. Please share.

In other news, I have my Dr.'s appointment this afternoon. So, a Baby Bean update is surely to come soon. And belly pics.

Until then...how about a goofy picture.


 
posted by Teresa at 8:48 AM | Permalink |


7 Comments:


  • At 12:15 PM, Blogger Jen Wilson

    I love the picture! At first I was like, how did her tongue get so red? But I figured it out, don't worry.

    I'm sorry that I have no wisdom for you. I have never purchased a home. Sorry! I would guess though that you have your purchase conditional on the sale of your place.

     
  • At 2:38 PM, Blogger Kristin

    Fun pic! Gotta love potato heads. :)

    I am not really any help in the whole house selling thing, we have never sold, just bought. We hope to sell in the coming year though!

     
  • At 4:14 PM, Anonymous Anonymous

    Oh, I LOVE the pic. yeah, sounds like you have a delima there with the whole buying a new house. With I could help you out, but I am still living at my mom's house ;-). Good luck, though!

     
  • At 4:35 PM, Anonymous Anonymous

    you close the new home say March 1st and the old home say March 15th - as long as both offers are unconditional, you ask your bank for a bridge loan (money for your down payment on the new home, based on the equity in your old home) - costs interest based on the loan amount at prime plus 2% or so - no fee if it is the same bank that is doing the mortgage - you ask your bank to 'port' the terms and conditions of your mortgage - if you need an increased mortgage on the new home, the bank will blend the 'additional' amount and rate with the existing - if you need a lower mortgage you still 'port' and pay down the difference on closing (without "porting" you will pay a penalty if your mortgage has a closed term) - if you are buying before selling, ask for a long closing date on the new one, but make sure your agent really does know the market (do a bit of research yourself) and sell your old home - if you are selling before buying, ask for a long closing on your home, which will give you time to buy a new home with a short closing (again make sure you have a good agent and know your market) - often buyers/sellers are flexible with closing dates - lots of folks do both transactions within a short period of time - we do lots of bridge loans - we rarely see folks stuck with two homes, but do your homework and know your market - also, be reasonable about how much your home really is worth, so you do not set high expectations for yourself - hope that helps....it all causes stress, but then if you had no stress, you'd have no energy at all!

     
  • At 4:44 PM, Blogger Bloggy Mama

    cute cute cute

     
  • At 8:44 PM, Anonymous Anonymous

    cute pic!!! hope the birthday bash is tons of fun ~ wish I was gonna be there ~ take lots of pics for me to check out =)

    sounds like you got some good buying advise ... you could always talk to my uncle ... but the laws may be different in Canada than in the states when it comes to taxes and such.

    good luck!

     
  • At 9:23 AM, Blogger Chelsey

    buying a used home is not a bad thign, as long as you have an inspection done. id say, sell then buy. your offer will be stronger if you have already sold your home. good luck!