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Owner Selling Old And New Acura NSX Which Would You Buy

Nov. 22, 2018 7:00 PM ET by Noah Joseph Auctions / 13 Comments It's more than a black or white decision. With some sports cars – say, the Porsche 911 or Chevrolet Corvette, for example – choosing which version can be the most difficult part. Not so much for the Acura NSX, which has only been produced in two essential iterations, and with few derivatives or substantial options to speak of. That leaves anyone looking to pick up an example of Honda's supercar with one choice to make, above all else: old or new?
That's the choice bidders will face next month at LA's famous Petersen Automotive Museum, where RM Sotheby's will be holding its next auction. Among the tempting lots on the docket for the Petersen sale are two examples of the NSX, consigned by the same owner. In one corner, we have a rather pristine black-on-black '91 NSX – a splendid example of the original, made in its first year of production, still retained by its original owner, and showing just 6,000 miles from new. It packs a 3.0-liter naturally aspirated V6 with VTEC, mounted amidships in a world-first aluminum monocoque chassis, sending 270 hp to the rear wheels through a five-speed manual transmission, with superb handling balance honed by the legendary Ayrton Senna. In the other, its modern successor: a 2017 NSX, the 223th of 581 examples made (also in its first year of production), in Casino White Pearl with a black interior. That same single owner has only put 2,700 miles on it since taking delivery last year. At its heart is a 3.5-liter twin-turbo V6, paired to a trio of electric motors to send 573 hp (more than twice the original's output) to all four wheels through a nine-speed automatic. The auctioneer estimates the '91 model to fetch around $90-110k, and the new one about $125-150k when the gavel drops on December 8. For your money, which would you choose?

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1 Partners Assemble a team of pros

Given all the steps and paperwork involved in selling and buying a home at the same time, you’ll want seasoned professionals guiding you through the process. Hiring a skilled can give you a realistic estimate of home prices in your area and how to price your current home. Using that figure, you can calculate how much equity you have and what your will look like, so you can apply that money toward the down payment and closing costs of your new home. “Working with a really experienced Realtor makes a huge difference,” says William Fastow, an associate broker with TTR Sotheby’s International Realty in Washington, D.C. “There are a lot of moving pieces, so you want to work with someone who has a proven track record in your market and experience across both buying and selling.” Using the same real estate agent and for both the sale and the new purchase can make the entire process go more smoothly. (An attorney is not required in every state, but even so, it’s smart to have one on your side. Whenever there’s complicated contract language and large sums of money at stake, professional legal advice is invaluable.)

2 Money Consider your financial position

Ideally, you’d be able to have concurrent closings, selling your home in the morning and closing on your next place that afternoon — or at least within a few days. But what if things don’t go according to plan? You could suddenly find yourself without the necessary funds to close on your new home, or wind up paying two mortgages for an extended period of time. Worst-case scenario, you may be unable to get and potentially lose your next home. If you don’t have the means to handle two mortgages simultaneously, you might want to in your offer that gives you an escape route should the sale of your current home fall through. You may also consider adding a financing contingency, in case your new loan approval hinges on selling your current home. Such contingencies are fairly common, and a good agent will be able to help you make the right decisions for your needs.

3 Market Does it favor buyers or sellers

When trying to buy and sell a home simultaneously, a lot depends on the conditions of your local .

In a seller s market

In a seller s market, sellers have the upper hand. This has been the case for most of the past two years, which were characterized by limited inventory and bidding wars. More recently however, the market has begun , with more housing inventory available and sharply increasing putting a damper on sales activity. Even in a market that favors sellers, you’ll need to make your home market-ready if you want to bring in top dollar. But this type of market also means you can be more selective about which offers to consider and limit your options to those with fewer contingencies. If the property is priced right and , it will likely sell quickly. So make sure you’re ready to move fast on buying your next place.

In a buyer s market

On the other hand, when inventory is high and demand is low, that’s a buyer’s market. When buyers are in the driver’s seat, it could take much longer to sell your home. In a buyer s market, you may want to hold off on making an offer on your next place until you’ve gone into contract with a solid buyer for your current place. You may also want to include a contingency that voids the deal if the sale of your current home doesn’t go through, for peace of mind.

4 Timing Negotiate the timeline not just the money

Of course you want to get the best possible price on the sale of your home, and not to overpay for the next one. But consider the timing of the as well when negotiating both deals. Closing date can be one of the most important details when negotiating a sale. The goal is to get both the buyer of your current home and the seller of your next home to agree to adjacent closings or any necessary contingencies. “When I put out an offer for a client, I’m making it clear that we need to close on that date,” says Mark Pires, a Realtor with Berkshire Hathaway HomeServices in New Canaan, Connecticut. “In a competitive market like we find ourselves today, the buyer may have to move their schedule around if they really want that home.”

5 Safety net Have a backup plan

No matter how carefully you plan your transactions, surprises can occur. Things might not happen on schedule — or might fall through completely. If you have contingencies in your contract, you should be able to reschedule the closings accordingly or walk away with minimal financial pain. But it’s smart to have a backup plan just in case. Here are some options: If you sell your current home but haven’t found your next place yet, you’ll need to find a short-term rental. Be sure to factor in the added expense of renting a storage unit if all your belongings won’t fit into a rental. Or you could consider asking your buyers to do a rent-back agreement, which would allow you to remain in your current home after closing for a short time and pay rent to the new owners until you can move. If you close on your new place without selling the old one first, you’ll have two mortgages to pay. To cover the costs until you’re able to sell, consider a or a bridge loan over the short-term. (If you do use a , keep in mind that you’ll be responsible for making payments on it regardless of whether or when your house sells.) You might also try and using the income to help offset the expense of the new place until you can sell it.

Bottom line

Trying to sell your house and find a new place at the same time can be quite a challenge. Working with an experienced real estate agent can help ease the transition and ensure consistent communication with everyone involved. Finally, make sure you keep close tabs on your finances and credit, both before and during the process. You want to be able to act quickly when you find your next home. SHARE: Beth Braverman is an award-winning freelance journalist and content producer, writing mostly about personal finance, parenting and careers. Michele Petry is a senior editor for Bankrate, leading the site’s real estate content.

Owner Selling Old And New Acura NSX Which Would You Buy CarBuzz

Owner Selling Old And New Acura NSX Which Would You Buy

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Mike Tyson drops food during podcast

How To Sell A House And Buy A New One At The Same Time

How To Sell A House And Buy A New One At The Same Time

Advertiser Disclosure

How We Make Money

On This Page

The Bankrate promise

The Bankrate promise

Editorial integrity

Key Principles

Editorial Independence

How we make money

1 Partners Assemble a team of pros

2 Money Consider your financial position

3 Market Does it favor buyers or sellers

In a seller s market

In a buyer s market

4 Timing Negotiate the timeline not just the money

5 Safety net Have a backup plan

Bottom line

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