Expert: Dick Dennis - 7/14/2006

Question
It's me again, LOri.   I am putting my home on the market Sept 1st.  I want to be in a new home by Christmas time so my son has a place to come home too.   Is it possible to buy a home, stipulating the sale of my existing home and listing a sizable downpayment would be made after the sale?  

Answer
If you have the funds to buy another house while you're trying to sell the one you have, then go ahead and do that, because as a buyer you are in the catbird's seat while negotiating. But if you can't afford two house payments, then you should wait until you have a buyer for your house before you at least close on a new one.

The idea is to make your sale SUBJECT TO THE SUCCESSFUL CLOSE OF ESCROW of your new house. Trouble with that is because this is a buyer's market, you may not be able to find a buyer who is willing to wait. So, you are really going to have to juggle. Again, you're going to need a real estate agent who understands you situation and will really help you achieve your goal. After "playing" with one for a short time, you should pretty quick know if you have the right one.

Remember, if you are selling, it's "subject to the successful close of escrow of your new house" before you move out. And if you're buying, it's "subject to the successful close of escrow of your present house."

I do wish you well.

Dick Dennis              dixiedee13@aol.com