+ Reply to Thread
Page 2 of 3 FirstFirst 123 LastLast
Results 11 to 20 of 28
  1. #11
    Join Date
    Nov 2008
    Posts
    14,057
    Thanks
    1,875
    Thanked
    2,608
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    In your position I'd put your house on the market and if I found a house I liked I'd put a subject to sale offer on the house I was interested in buying.
    I don't know how it works with the banks and mortgages etc.

  2. #12
    Join Date
    May 2008
    Location
    Where the wild things are
    Posts
    7,022
    Thanks
    106
    Thanked
    686
    Reviews
    15
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    I was just going to say that the amount of deposit and subject to finance and subject to sale may affect the price the owner is willing to take.

    For instance if you put in a deposit of 10k, they can tell you are serious and confident that you will not have issues with finance etc.

    When signing subject to sale/subject to finance, then its also less desirable for a seller.

    For instance, if someone offers 400k with a 10k deposit, subject to finance, it may be preferable to someone offering 410k with a 1k deposit and subject to sale and subject to finance. Does that make sense?

    Good luck, I hope you like the house!

  3. #13
    Join Date
    Oct 2008
    Location
    Victoria
    Posts
    1,380
    Thanks
    432
    Thanked
    226
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Hi I am a real estate agent in melbourne, my best advice would be to list your existing property for sale first. Once you sell your property maybe ask for a long settlement (say 90 days) then you can start looking for a new home, of course whilst your house is on the market you could be looking at new houses but it is advisable to wait until you have an unconditional contact on your own house until you sign a contract for a new house (if that made sense). In general most vendors will request a 10% deposit which means you will need to get access to your deposit from the sale of your house. It is also highly advisable to make sure your sale property and purchase property have the same settlement date or you will find yourself between homes with a heck of alot of stuff (furniture etc) with no house to put it in.

    Sorry for the long post, I think I have made it way too confusing for you, please feel free to PM me and I will give you my contact details if you want and talk you through the process (yep I also did property law for 10 years before going into real estate sales)

  4. The Following User Says Thank You to lovelymum For This Useful Post:

    2BlueBirds  (03-03-2012)

  5. #14
    Join Date
    Jan 2009
    Posts
    10,611
    Thanks
    404
    Thanked
    1,918
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    We sold and then we bought. Originally we were going to do it on the same day, but we ended up negotiating with the buyers of our unit that we could stay for a week or two or whatever the gap was.

    We didn't want the added expense of having two loans, so needed to to sell first.

    We only paid a $1000 deposit on a $470k house. In Queensland this is quite common as agents aren't tough on big deposits here. They tried to get more and I just told them I didn't have it as it was all tied up in our house. That wasn't true but the agent just wanted the contract signed so they don't argue.

    we made the purchase contract subject to finance, buiding and pest, council searches and the sale of our unit. Making it subject to the sale of your own home sometimes gives you less bargaining power in relation to price though, as there is some uncertainty for the seller versus a contract that is just subject to finance.

    While I didn't have this experience, when i did a lot of conveyancing, the buying and selling on the same day caused considerable anxiety as people had to pack up all the stuff in a pod or a truck as they had to be out of their house by (say, 2pm) settlement, but they didn't know if their purchase house was going to definitely settle immediately after, eg. a bank could make a typo on a cheque, the settlement agent could be running late. I don't miss those days of clients crying down the phone as everything fell over for some administrative reason and they had to wait until the next day, and everybody's lives were packed up in trucks. But, that was worst case scenario. mostly it works out logistically, but the fear of it not working out causes some anxiety iykwim.

    I'm in Queensland, so I'm not sure what the conveyancing process is in Victoria as it varies from state to state.

  6. #15
    Join Date
    Mar 2008
    Location
    The 'Gong, NSW
    Posts
    2,624
    Thanks
    1,671
    Thanked
    374
    Reviews
    2
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    I haven't been in this exact situation, the house we are currently in is owned outright, but only 1/5 belongs to me, the deed is in my sisters name.

    She went to a broker and got pre-approval, using the equity in the property, and then we started looking for a house to buy. We then knew how much our budget would extend to before looking.

    As other PP's have suggested, it is probably advisable to have your house on the market while you're house hunting, so that if it takes a while to sell you're not paying 2 mortgages for an extended period of time.

    Good luck!

    (P.S how was the house?)

  7. #16
    Join Date
    Mar 2007
    Location
    Melbourne
    Posts
    8,157
    Thanks
    752
    Thanked
    765
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Hi all, the house was ok, we didn't love it. Dh and I have decided to wait until I am back to work next Feb before we put ours on the market that way we have two incomes and I agree that's It's better we sell ours first. Thanks

  8. #17
    Join Date
    Jan 2009
    Location
    Newcastle
    Posts
    14,956
    Thanks
    0
    Thanked
    634
    Reviews
    3
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    I sell before I buy.

    I do try have them both settle within a few days of each other but it hasn't happened yet.

  9. #18
    Join Date
    Mar 2007
    Location
    Melbourne
    Posts
    8,157
    Thanks
    752
    Thanked
    765
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Thanks all.
    BTW, on the topic of real estate, does anyone know how much it is roughly to build a house?? Land is expensive and hard to come by, but at least you build what you want!

  10. #19
    Join Date
    Mar 2008
    Posts
    3,532
    Thanks
    1,313
    Thanked
    1,390
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    We sold, rented (3 months) and then bought.

    It was a pain in the neck moving twice, but it was an interstate move, so it was easier in other ways.

  11. #20
    Join Date
    Jan 2012
    Posts
    1,083
    Thanks
    123
    Thanked
    402
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by singa06 View Post
    Thanks all.
    BTW, on the topic of real estate, does anyone know how much it is roughly to build a house?? Land is expensive and hard to come by, but at least you build what you want!
    We are currently building a 4br 40sq (decent size) house at a cost of $350k. This includes all internal flooring, driveway, colour bond roof & rendered finish.

    Not included is fencing, landscaping, window coverings, fly screens & air con.

    You can certainly build much cheaper than this or much more expensive depending on size, inclusions & finishes.

    Be careful when you look at quoted 'base prices'. You usually need to add on around $60k to these figures to finish the house completely.


 

Similar Threads

  1. buying and selling property - a home loan question
    By ziara in forum Family Finances
    Replies: 5
    Last Post: 26-05-2012, 16:50
  2. Other fees / expenses when buying / selling a house
    By 2BlueBirds in forum House & Gardens
    Replies: 12
    Last Post: 28-02-2012, 08:57
  3. Qucik question re commision homes
    By mum2bubba in forum Single Parents
    Replies: 23
    Last Post: 26-02-2012, 18:29

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Pyjamas.com.au
With so many gorgeous brands and styles for every season, our pyjamas, nighties, robes, sleepsuits and sleeping bags are lovely for lights out and perfect for lazy days. Get 10% off first order using code bubhub. Be quick offer ends 31/12/16.
sales & new stuffsee all
CarmelsBeautySecrets
Growing your own natural nails is easy. Years ago, I devised a simple and very effective technique which really helps boosts the nails' growth in as little as three days! And most importantly keeps them that way.
featured supporter
Vibe Natural Health
Your natural health care team for fertility, pregnancy, post natal and family health care. Our Naturopaths, Doctors, Osteopaths, Acupuncturists, Psychologists,Nutritionists, Pilates, & Massage specialise in women & children's health and wellbeing.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!