List Only

When should I start my search for an apartment??

I found a buyer for my apt yesterday, rec’d a good faith check from the buyer, and plan to have a contract signed next week. The buyer will have to go thru a co-op board approval process. When should I start looking to buy another apt. I will need the money from the sale of the current apt to pay for the down payment if I find another apt. I can borrow from my 401K to pay for the deposit of my new apt.

Public Comments

1. You should certainly start your search right away, but don't commit to purchasing the new place until you are 100% certain that the old place will close. A good Realtor would set it up something like this if local conditions permit: 1. Your contract to sell would include a provision that closing the deal is "subject to purchase of a new home of my choice". 2. Your contract to buy your new place would have a similar contingency "subject to selling my old home". 3. You can also include a "rent back" provision allowing you to remain in the old place for a short period of time at a specified amount per day until you have your new place ready. Check your contract carefully, get some good local real estate advice, and build some safety provisions in to your deals.