UnThreaded | Threaded | Whole Thread (22) | Ignore Thread Prev | Next
Author: mishyla Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127696  
Subject: Am I Crazy? Buying a house while selling another Date: 6/18/2012 5:21 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I have posted before on a related topic (sale or rental of our condo) and found the Fools feedback to be intelligent and oh so helpful. Here I am again and looking for any stories, advice, feedback (good or bad), etc., from anyone who has been in a similar situation.

We are a financially conservative couple who purchased a condo in 2003 which was well within our means. We are now relocating from a trendy, young area to one that is more family friendly.

We have had our condo listed since late winter 2011 and have received one offer but it was below our asking and we passed on it. We've had lots of interest in recent weeks but no offers. At the same time, we have found a home in the new area and have an offer on the table. It's definitely a fixer. The home is priced just slightly higher than what our condo is listed for.

This is all about timing. We fear buying without having sold but equally fear selling without having lined up our next place. Who wants to miss out on these rates? However, buying this home without having sold our condo will seriously deplete our ER fund.

This is one time that this risk averse girl is taking a flyer. Am I nuts? Have any of you made the same kind of leap? Or, do you just have any REO advice to share?

I'm all ears.
Thank you in advance.
Mishy
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (22) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Value Hounds

Netflix Riles Investors
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement