[quote=maverick][quote=bearishgurl]maverick, did you list your present home for sale before and did not receive any good offers? Can you get out of your home-purchase transaction and begin to look again after you have sold your present home? This would substantially fix your problem.
If you haven’t listed before, I’m just wondering why you are in escrow to purchase another residence before attempting to sell your old one, ESP since you stated you do not want to manage it yourself. PM companies charge about 10% of the rent per month to manage your property and you stated you have a young family and want more child(ren). This means frequent extra and unexpected monthly expenses coming up for you in the coming years when life happens.
I don’t need to know the location of your present home but if you have spent substantial money to fix it up like you want it, it has no HOA/MR and the school district is so good, why do you want to move?
I guess I am unclear as to why someone in such a position would enter escrow on another purchase for a principal residence.[/quote]
Thanks for your reply. I wouldn’t describe our situation as a problem but instead more of an opportunity and evaluating it both ways.
We don’t need to sell our current home to buy the one we are in escrow for now.
We are moving because we need a better set-up for my mother in law, who is 80, and moving in with us. I grew up with my grandparents (extended family) and am very greatful for it. I also happen to be one of the few who really get along with their in-laws.
The home we are in escrow is sectioned in a way that gives her independence while living with us.[/quote]
Thanks, maverick. Makes sense. But since you don’t want to manage yourself, I’m still with the Piggs who say you should list your current property ASAP. The “small loss” … or … you never know, maybe “no loss or slight profit” (due to tight available inventory) you may have upon the sale of your current home will be much preferable to dealing with intermittent vacancies in the coming years.
