Timing A Purchase & A Sale
How do you time the sale of your home and the purchase of another one?
This is one of the most common questions we get, and one of the biggest issues we help clients deal with.
Ideally, most people would like to do things in this order:
- Find a house to purchase
- Make an offer
- Sell the house they already own… when and if they find and get the house they want.
That is ideal, but it is not realistic for most clients to do. Most people need to sell the house they already own, in order to be able to buy another home. Because…
- Most home-sellers (or their agents) will not accept an offer contingent upon the sale of your home
- Finding and getting “bridge” loans (and other creative financing) is not as easy or common as it once was.
There are certainly a lot of factors and options to consider. There is no one-size-fits-all solution that we can suggest in a brief letter. If you are even remotely thinking about buying a house in the next couple of years, it isn’t too early to discuss how best to time the sale of the home you own with the purchase of another one.
It doesn’t happen easily. But it can be done fairly easily if you plan ahead of the moment you find the perfect house and want to make an offer. Preparation is the key to a successful real estate transaction. Feeling as though you are educated on the process and having your information in order will help ensure you get that house of your dreams.