How do you buy a house in Seattle area...

[stretchad]

When you already own a home?

Anyone do it? What was your strategy?

Our house itself is generally fine, except for we don't really have a yard. We underestimated how much we'd miss it. Another house has come up for sale that on the surface seems like it might work. But our downpayment is tied up in our current house...With how crazy the market is here, I don't see many sellers accepting contingent offers on a house, so I just don't understand how people are making moves like this work. Any advice?

[niq]

I think there's some sort of bridge loan you can get if you are trying to move but can't do a contingency offer? It's not great, but depending on the fees & interest rate, it might beat selling, living in an apartment for two months, then buying.

[karebear219]

I have some suggestions but I am on mobile. During nap time I'll type some stuff out.

[karebear219]

So like Niq said, you can do a bridge loan, to pull the equity out of your house to use a down payment on a new home. However, not a lot of lenders do those any more because they are high risk loans.

You could do a contingent offer, but the market is so hot most sellers won't accept it (I know I wouldn't).

If you don't have your house listed yet, you can still do a regulary home equity loan on your home to pull out the equity you need to put a down payment on the new house. This is what I personally would do if I didn't have the cash elsewhere. That way you don't have to pull the money out until you find your new house. In most cases with how fast everything is selling you probably won't have to pay payments on it for very long. Most lenders can close a home equity loan in 30 days or less. Of course if you need more than 250k for a down payment that can get tricker. You can just PM me if you want specifics.

The the final option is to list it, sell it, and then find a new place. You run the risk of having to stay with family or somewhere else for a while. Most lenders will require a 20% down payment on a second house, but I know some lenders might try to work with you if you truely plan on selling your current home.

If you have a mortgage advisor or broker you trust you can start there. And if you want more info or a refferal you can PM me.

[stretchad]

niq and karebear219 thanks for the info. Very helpful!

[catbus]

You want to come back to WS, don't you?

[joenali]

Dec 11, 2014 18:42:04 GMT -5 catbus said:

You want to come back to WS, don't you?

We are looking for houses right now and can't afford much in West Seattle. We are aiming toward Shorewood in Burien.

[stretchad]

So much for seeing this house that just popped up yesterday. It's already pending inspection. Nuts!

[joenali]

Dec 12, 2014 13:00:53 GMT -5 stretchad said:

So much for seeing this house that just popped up yesterday. It's already pending inspection. Nuts!

We have put an offer on 3 houses. Nothing yet.

[stretchad]

Dec 12, 2014 13:03:20 GMT -5 joenali said:

Dec 12, 2014 13:00:53 GMT -5 stretchad said:

So much for seeing this house that just popped up yesterday. It's already pending inspection. Nuts!

We have put an offer on 3 houses. Nothing yet.

It's crazy! This is why it's scary to sell your house first...there are so few houses on the market, that many don't meet our criteria and the ones that do get snatched up quickly...We'd end up homeless and have to rent somewhere and move twice. NOT FUN.