Should I Buy or Sell
First?
If you choose to buy a new home before you sell your
current home, you risk having to carry two mortgages
until your old home sells. A bridge loan can
ease the strain of double mortgage payments,
however, you generally must have sufficient equity in
your current home to qualify. Of course you could make
the purchase of your next home contingent upon the sale
of your current home, but in a strong market, it¹s
not likely that a seller will accept such an offer.
You may be in a stronger bargaining position if you
put off serious new home shopping until after you've
accepted an offer on your current home. You'll have
a better idea of how much equity you'll be able to carry
over to your next home and you won't have to make the
purchase of that home contingent upon the sale of your
old home. Of course, if sellers know you have a
limited amount of time to purchase, it can be more difficult
to negotiate a good price.
To evaluate which alternative is best for you, consider
the effect each scenario will have on your finances,
negotiating position and moving timeline.
Remember, even though buying a home may be one of the
most important decisions you make, it can also be one
of the most satisfying simply ally yourself with
a real estate professional who can offer advice and
get the facts before making a fresh start in a new home.
Barbara Wilson and her team are committed
in offering the highest standards of professional service
to all their customers. To assure that your property
is marketed to its fullest potential and to obtain the
highest possible market value, Barbara Wilson and Realty
One Real Living provide the marketing and technology
tools to make your real estate transition run smoothly.
|
