You may have more options than you realize! Selling first is wise in many situations, as you will avoid making a contingent offer on a home – something that many home sellers won’t entertain in a hot market.
A contingency is a condition. It’s like telling a seller that “Yes, I’ll buy your home, but only under this condition.” In your case, the condition would be that your current home sells in time to close on the one you are purchasing. The key to making this work, in fact, is sound communication skills and a competent negotiating strategy and in some cases it works.
Additionally, selling first eliminates the possibility of owning and making payments on two homes every month. The lender will consider those two monthly payments, and you may NOT qualify for a new mortgage before you sell first – but you MIGHT and in fact with interest rates low, it is an option some are choosing. It is something to consider if your current home is in a price range and location that is in high demand.
If you can afford to buy before you sell by paying cash or obtaining a bridge loan, you will be able to hop on that perfect hard to find home before someone else snatches it up! I can tell you by personal experience, I have listed 4 homes this year that sold for top dollar (some over asking price) and in one day!
I always tell my clients that things have a way of working out. And quess what? They always do. That is because I am watching out for your best interest every step of the way. I have helped clients, buy first with a bridge loan and I have also helped them sell first. Our local market is hot and you need and deserve an agent that works full time for you and is available when you need to see a hot new listing AND that has a track record of selling fast and selling high. You will never doubt that I am working hard on your behalf.
The Steps You’ll Need to Take
The first and most crucial step is that I meet with you in person to discuss a strategy for you and your particular situation. I will also help you determine a competitive listing price for your home and discuss how to get top dollar it! I look forward to meeting you and helping you reach your goals!