Major real estate ??

[cassie]

Both my DD and her family and I own condo's We are wanting to buy a home with a seperate in-law apt. I will make the most selling mine as I have had it longer and bought it when the prices were lower. It boggles my mind wondering how this is going to happen. Of course the best timing would be to sell our units at the same time, and have a house already to move into. I'm dreaming right? What kind of a nightmare is this going to be??

I know it's hard enough to sell one home and have a new home at the same time. What happens when one sells and the other one doesn't? I'm lost, I can hope to move into an apartment short term with a few pets. Maybe they would have to rent for a while also.

Has any one had to do this? Yikes, I'm afraid it won't be pleasant. We both have to sell around the same time for the downpayment would be greater for a better home.

 

[AKL_Megs]

Is it possible for you both to put your condo's on the market at the exact same time, and whoever sells first could move in to the condo of the other? Like if your condo sells first, could you move in with your DD until hers sells, perhaps put most of your belongings in storage, that way you can make the downpayment on the new house together without "wasting" money renting? It might be crowded for a while, but wouldn't the benefits make it worth it in the long run?

Good luck!

 

[The Mystery Machine]

OK...first I question why you would want to do this, but it is none of my business...

Market is tough right now. I do not recommend you buy without selling your condos first with this plan.
That is too risky.

Also you are selling without agreeing on a place to live. That is a tough one.

Suppose you both sell and then you cannot find something with MIL quarters to your specs?

Before I put a foot forward I would write down expectations in the "new house".
Start house shopping without the intention to buy and discuss your expectations as well as theirs.

What is the lowest they will take for their condo, as well as you? That could be a major sticking point that would infuritate me to no end.
The realtor tells you or the other party that the selling price needs to lower in order to sell and one of you refuses.
This is a very real thing to happen right now with the house market.

Then look at rental properties and storage places. Figure out cost....deposits, month to month, the darn REHOOK fees for your electric, etc...

Weigh all of your "overhead" of this plan with the "extra money" for the downpayment.
It may not be worth it....or it might.

Might be better to save money for a larger downpayment and a better housing market. Just do your homework first!

Good Luck!