The first thing to establish when selling your home is what your circumstances in order to organize the best process for you. For most Sellers, a worry can creep in regarding “Will I be left ‘homeless?” “What happens if I sell, and then I can’t find anything to buy?”. Whatever your circumstance to moving, I am here to give support and information to provide a solution to this. Here are some examples of how you can navigate through this process
Buy Before you Sell
It is possible that you can qualify to buy a property before you sell. Examples of this are using a bridge loan, home equity line of credit or borrow from your 401K. A Lender will see if you can quality and can assist you with this.
- you can take your time to find a home
- You don’t have to do a ‘double’ move
- You won’t be writing an offer with a contingency to sell
- You can get your home ready to sell so that when you are through a comfortable stage of your home purchase, you can list your home.
- If your current home doesn’t sell, you could have 2 mortgages
- When selling a home, I recommend keeping furniture in there, so timing would have to be right
- You need to make sure that there are no ‘deal breaker’ scenarios with Inspection items
Sell then Buy
This is the most traditional process of buying and selling a home. A lot of Sellers need the proceeds from the sale of the home in order to buy.
NOTE – once you are under contract on the sale of your home, you have very few ‘outs’. So if you find a home, and that contract falls, you still have to proceed with the sale of yours.
- You don’t have the worry of ‘carrying’ 2 mortgages
- You have to find a home in a certain time frame, and hope all goes smoothly with inspections etc.
- You may have to do a ‘double’ move
If you are concerned about finding a home, here are some suggestions
- we can ask the Buyer to write their offer contingent on you finding a replacement home (ok in a hot Seller’s market but may put Buyers off)
- You make plans to stay in short stay accommodation
- You ask Buyer for a ‘rent back’ situation which means you can stay in the home after closing for a negotiated period