Selling and buying - timing

I am hoping to sell my place soon. But am not sure of how to time it right so I am not living in my car in between. Been a while since a sold and bought.

So am looking for advice and suggestions. If I sell my place, can I use the deposit on my place towards the deposit on another? I do have some money for deposit but not enough. Though I could withdraw my advance payments on my home loan and have enough for deposit.

Do I make an offer on a house then get an inspection done? Or do I get an inspection and make an offer depending on the findings? Am looking to buy an older house that I know will need work.

And what if I buy before selling? If I buy a place and ask for a long settlement, then put my place on the market but have a couple of weeks overlap I know I would be up for a bridging loan. Would a couple of weeks on a bridging loan be so bad? It would actually be better for me to move in to a new place first then hand over the keys to my old place so the luxury of this time to move would be worth considering any extra cost. But just how much would I be looking at? To sell and then wait to buy might mean I have to put some things in storage then sign a lease for 6 months. So there is cost there too.

If I can get the place I have been watching over the past month I would not have to borrow much, infact less than I borrowed for my current place. Would have money left over to do the work it needs. It's just getting the timing right.

You solicitor can put in a clause to allow you to use the deposit paid for deposit on a new house. Just speak to your solicitor. Some purchasers (their solicitors) may quiery it but it's pretty accepted practice.

Do you have the funds (loan approval) to buy before you sell? Sellers are wary if you have to sell first. Some people put clauses "subject to PPOR being sold" but I wouldn't sell to someone with that clause.
If you can buy first that's good but not if you HAVE to sell first.

We bought first only because we had so much stuff and couldn't be without a home. We needed to reno the new house anyway which worked out perfectly because we sold while we were doing the reno. We were lucky that the bank approved our loan without selling first.

I know when we sold last time we were panicked that we were going to be living with mum.

Yes timing can be a pain. Good luck.

Seven steps to happiness !!



1.Refinance your existing house adding the deposit for the other.

2.Get an rental evaluation/appraisal on your existing house from real estate agent in writing.

3.Present that,and the fact that house1 is yours ( regardless of mortgage size)
and you'll get pre approval to go ahead with new house. ( more often than not)

4. if you choose to go to different financial institution,
they will need to take over your existing mortgage on house1 first!

5.put down deposit on house2 ( gained from re-financing existing house1) , organise time period for settlement,

6.sell your previous house1...

7.pay the remainder proffit onto new loan/new house2...



I'll lend Bob to you, to be your new Uncle !!

I second jellys opinion.. This will pose a lower risk and you wont be pressurised to sell house1 if the price is not right..

Better still, you could always rent out house1 for 6 -12 months until you get a good price.

100% samsoft24 100%

Ive done that quite a few times when leases overlap a difference of same 6-12 mnths between some properties,
and ive benefitted quite substantially.
by selling 6-12 months later.( not only by selling, but from receiving the rental) that is..
Worst case scenario is at least all your agents and solicitors fees are coverred etc with the money gained in the intrem.
win win if you can hold onto "house1" if you can.