I'm a little stressed - Selling before buying

Hi

Confused and Stressed

Firstly I just want to apologise. These days I seem to be taking more than giving as i've been so busy lately with everything. I'd like to contribute more and help others with feedback but just not possible atm.

I'm a little stressed and would like to hear from others who have been in the same boat.

I might be selling my ip before buying. I have an offer tomorrow so I'm hoping it will be a good one and I'll accept it. If it is not the amount I want I'll put it back on the market at the end of the year, but i'm thinking positively that i'll get over asking! Anyhow I'm just about to put through a loan application, hopefully in the next few days.

I kind of wished I had sold first now before buying but then again I just didnt know how long it would take to sell. The offer tomorrow might be acceptable to me or might not be. Plus I really need to be getting into the market sooner rather than later so there is an urgency.

What are the advantages and disadvantages to selling first and then buying. I'm keen and happy to go down this route but I just need some more info. What happens if for instance I were to buy something whilst the ip I have just sold is half way through settlement? I'm confused. Does it mean I'll just have to pay a little more in LMI because my LVR is higher. I'm fine with LMI. I dont mind it. And what happens once the ip's loan is discharged.

I'm meeting with buyers agents next week and I'll be getting the ball rolling. Do you think its a good idea to sign up with the BA and get them putting offers down for me even whilst my ip is settling or should I get the BA to wait till my ip is sold and discharged. What are the pros and cons there? Hoping to meet up with MB soon :)


Hope someone can help. thanks :)
 
Hi

Confused and Stressed

Firstly I just want to apologise. These days I seem to be taking more than giving as i've been so busy lately with everything. I'd like to contribute more and help others with feedback but just not possible atm.

I'm a little stressed and would like to hear from others who have been in the same boat.

I might be selling my ip before buying. I have an offer tomorrow so I'm hoping it will be a good one and I'll accept it. If it is not the amount I want I'll put it back on the market at the end of the year, but i'm thinking positively that i'll get over asking! Anyhow I'm just about to put through a loan application, hopefully in the next few days.

I kind of wished I had sold first now before buying but then again I just didnt know how long it would take to sell. The offer tomorrow might be acceptable to me or might not be. Plus I really need to be getting into the market sooner rather than later so there is an urgency.

What are the advantages and disadvantages to selling first and then buying. I'm keen and happy to go down this route but I just need some more info. What happens if for instance I were to buy something whilst the ip I have just sold is half way through settlement? I'm confused. Does it mean I'll just have to pay a little more in LMI because my LVR is higher. I'm fine with LMI. I dont mind it. And what happens once the ip's loan is discharged.

I'm meeting with buyers agents next week and I'll be getting the ball rolling. Do you think its a good idea to sign up with the BA and get them putting offers down for me even whilst my ip is settling or should I get the BA to wait till my ip is sold and discharged. What are the pros and cons there? Hoping to meet up with MB soon :)


Hope someone can help. thanks :)

You need to discuss this with the finance person you are lodging your application with. I think you may have meant 'buying before selling' as well in part of your posts?

It depends on lots of factors which your finance person knows. If your circumstances were such that you could choose to buy before selling then there isnt much downside, you can choose to hold out for the best price, or keep renting it while you wait etc. I guess one of the downsides might be you dont have to 'listen to the market' when listing your place.

If your circumstances are such that you do need to sell first, the sale settlement needs to be the same day or earlier than the purchase. full stop.

If it isnt, then your stuck, and you have to try and convince the other side to change their settlement dates.
If you cant do that then they can rescind the contract at worst or at best chanrge you penalty interest for the time you are 'late' settling the purchase.
 
If your circumstances are such that you do need to sell first, the sale settlement needs to be the same day or earlier than the purchase. full stop.

If it isnt, then your stuck, and you have to try and convince the other side to change their settlement dates.
If you cant do that then they can rescind the contract at worst or at best chanrge you penalty interest for the time you are 'late' settling the purchase.

Hi

I forgot to give some background. Financially I dont need to sell first. I can afford to hold my ip and also invest in a new ip as well. So if I need to or want to I could pull my ip off the market and sell it later in summer. Actually I wont need to sell my IP until I move out of my parents house as I need to build my cash buffer from the sale of my ip.

The Perth rental market is down right now and I might be NG for a while until the rental market recovers. Buffer will help ease the stress and give me the SANF I need.

thanks for your input :)
 
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