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2015-02-10 16:20:45
Moving up | Sell 1st or Buy 1st.?

I have worked with first time home buyers that bought what would be considered a starter home.  As time passes, things change. You start a family and your family grows.  Your income goes up.  You now feel like you have outgrown your house and feel the need to get out. 

You have become the typical 'Move Up Seller/Buyer.'  And many homeowners now have equity they can use to purchase a larger home or one in the neighborhood they want to live in for years to come.

So the age old question is: Should we buy our new home first or Sell our current home first?

That’s a tricky question, it’s almost impossible to get the seller of the home you want to buy to accept your offer to purchase without having your home in escrow ready to close.

But what would happen if you sold your home without having another home under contract.

You could pay all cash for the house that you want, but most of us don’t have that kind of money laying around in the bank and or don’t want to cash in our assets in order to buy, so what do you do?

First, contact a lender to see what you qualify for before you do anything else, then you can do what most sellers do and that is list your home for sale, contingent upon finding a home.

If your home is in the price range that first time buyers are looking for, most of them are renting and could wait for you to find your next home if not, keep looking for buyers while you search for your next home.

What you can’t do is nothing! Start the process it will work out, the worst case is you may have to move twice.

 

 
Blog Archive
2015-02-11 18:52:09
Upgrades That Add Value to Your Investment Condo

2015-02-10 16:20:45
Moving up | Sell 1st or Buy 1st.?

2015-02-03 17:07:29
Orange County Rents are at Record Highs

2015-01-20 14:59:28
American Dream

2015-01-09 16:40:32
Housing market in 2015

2015-01-07 13:13:30
A Look at 2015 & 2016 for Real Estate Investors

2014-12-19 15:24:49
Mortgage Rates Hit New Low

2014-02-20 12:53:18
Landlords & Property Investments

2014-01-24 12:54:38
Housing Market Still Strong

2014-01-07 16:48:02
2014 Housing Projection


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