Skip to main content

Selling house while living in it, with 3 cats and 2 dogs, and buying in new city

Hey Reddit, I may be getting a new job in a new city that is a little over an hour away which would be great, but also has many complications. Here are some facts and some questions for others who have been in this position.

  1. We own our current house
  2. We have 2 dogs and 3 cats
  3. New job will be partially remote, but some onsite work
  4. New job is roughly 1 hour 20 minutes away and flexible, meaning I can plan to drive up once/twice a week for the day until we move.
  5. We probably can't afford to buy a new house until our current house sells
  6. Income is 76k+38k=144k joint currently, new job will be 78k and my wife will be able to get 38k again at a new job with no problem based on her field. We know financially this is not the best idea, if I get the job we will be taking it for other reasons (mental health, current job stress, location, time off, ect...)
  7. Midwest, plan on selling current house for 230k, still owing 169k, 20k estimating in closing costs/random repairs (house is in very nice condition) for 41k net. All the net proceeds would go towards down payment on new house. We have around 16k liquid right now in bank accounts.

Questions

  1. We planned on taking the dogs on a walk during showings to get them out, but what do we do with the 3 cats?

  2. Can we even put an offer in on a new house contingent upon the sale of our current house? Would that severely handicap our offer?

  3. We haven't found any rental properties in the new city that would allow us to have 5 pets, so the obvious solution of getting an apartment and moving now while leaving our current house empty while it is being shown to sell won't work. Are there any other creative solutions to this problem?

  4. I don't have the job offer yet so we haven't talked to a realtor or mortgage lender, this is preplanning stages to get ideas on what we can do. Will they use the 144k/year joint current salary or just the 78k/year new salary when calculating DTI ratio? It would simplify things a ton if we could buy the new house before selling the old house, and with the ridiculous amount they pre-approved us for originally when we bought our current house (like 400k, it was insane on our salaries) we could find something around 180k in the new city no problem, and be under that total between both mortgages. The second house would not be considered primary residence though and that changes loan types, right?

Any other suggestions or ideas would be welcome too, thanks for reading this wall of text.

submitted by /u/taliadias
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/sgaasg/selling_house_while_living_in_it_with_3_cats_and/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more