Sold our house....now what?

[melanie18]

OK, so we put our house on the market 2 weeks ago. Got a good bid from buyers who are currently renting which is good (or so I'm told)...

We are in attorney review right now, but....we have not found a house yet!!!! We've been through everything currently on the market that we have a passing interest in....nothing. Our contract has a 10/15 closing...how are we going to meet that!?!
Freaking out a bit right now. Most sellers in NJ don't even want to take a bid from you if your house isn't sold...now mine is sold but everything we were interested in is under contract. Anything new coming on the market is more $$$ than the house before...

I have a headache....need some good advice. I'm not sure whether it's better to change the closing date (did I mention we also leave for WDW on 9/30?), because technically, we have 3 weeks to find a house. Freaking out again...breathe, breathe...

 

[sweet angel]

Did you put a home sale contingency clause in your contract?

 

[Poohnatic]

Did you indicate that you may be doing a rent back in your contract? Our realtor suggested it prior to us selling, especially since we were moving 1,000 miles away. We needed it for three weeks.

Breathe...he he hooooo....he he hoooo...deep, cleansing breaths. See, Lamaze is good for something!

Suzanne

 

[IMGONNABE40!]

When we bought our other house we rented it to the sellers for 3-4 months while their house was being built. If that is not a possibility, I would get an apartment for awhile and take your time to look for what you want. We did that when we sold the other house and built the one we are in now. If the offer is good, it is probably not a good idea to pass on the buyer because you are not ready to move.

 

[sweet angel]

Did you indicate that you may be doing a rent back in your contract?

That would be a Use and Occupancy Agreement in NJ. It's something you could look into. Also, why is the closing date 10/15? That's a short time for your buyers to get a mortgage.

Actually, I earlier said "home sale contingency", but that wasn't right. You could have your attorney add something to the contract saying that you need to find a house within (30/60/whatever) days or either party can cancel the contract and the buyers will have their deposit returned to them.

Can't you go to Disney and just stay there? ha ha

Tell your attorney your dilemma...that what he's there for.

 

[Felicia]

WOW... this it like my story... reversed!!!

We found a house we liked and wanted...put in a bid and put our house on the market. Within one week our offer was accepted on the house we want AND we had an offer for our house. We put a 10% down payment on the house we are buying and signed contracts. The people buying our house were going to contract and put a down payment last Monday but..they backed out!!

NOW.. we are in contract and put downpayment on the house we want and the seller has a tentative closing for the house on Oct 1 (lawyer says we can probably push to Nov 1). Problem is, I need to sell my house fast in order to purchase the 'new' house!!!

If our original buyers didn't back out, we would have been fine. Also, according to our lawyer, you can't put a "contingency to sell" on our home in the contract. So now we have to find a buyer who can close early! We did have two back-ups(?) according to our realtor. One really wants to buy my house but has to sell hers first and the house is overpriced and the other loves our house, but their offer is $20K away from what we need.

I'll keep my fingers crossed for you if you promise to keep yours crossed for me!!!

Good Luck!!!

(I have an idea...I need to sell quick and you need to buy quick... so if you are looking for a gorgeous 2800 sq ft home... let's talk!)

 

[mickeyfan1]

You know you can always rent something temporary. We sold our home in 48 hrs in AZ to move here. We rented for 6 months so that we could look for something to buy. Yes, moving 2 times in 6 months is a not fun thing, but it was a lot less pressure than having to find a place to buy as soon as we got here.


I would imagine that the OP can't add the rent back clause or the find suitable housing clause, because they have alreay accepted the offer. But maybe NJ is different?

I would get you realto to find you transitional housing. Even if it means renting a storage unit and living with less "stuff" for a while. At least the time pressure would be off.

 

[melanie18]

Thanks for all the responses! Yes, the attorney is adding that the sale is contingent upon us finding suitable housing. It was supposed to be in the contract in the first place, but the buyers realtor claimed she didn't see it in the MLS listing, on our flyer, etc. (yeah, right ).

Renting back from the buyers is possibly an option...it would be so weird to be living in my own house..but it's someone elses??? I need to wrap my head around that one.

Renting elsewhere is not really an option because we also have 2 dogs and a cat (rent would probably be more than a mortgage would!)

Need to talk to our attorney today, they do this all the time so it's second nature to them. Also need to talk to the mortgage people, maybe they can calm my nerves about what we can afford (they always think you can afford the world, don't they?)

Thanks!

 

[Pop Daddy]

you have no choice but to live on the streets