6 Reasons To Buy A New House Before You Sell
Buy a new house before you sell.Â
Selling a Home Before You Buy May Require More Than Just Luck
Buy a new house beforeÂ you sell, may be great advice under certain conditions… but in today’s market, it goes against conventional wisdom… which teaches, “don’t jump out of a perfectly good airplane without first putting on your parachute!”Â
Here’s a great starting point…check out these properties in Gilbert!
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There may be 6 Reasons to buy a new house before you sell, but FIRSTÂ take a read at six reasons NOT TO:
1. No Down payment
2. Your home could take longer to sell
3. You lose your negotiating power
4. You could face double mortgage payments
5. You could end up being a landlord
6. You may not be risk tolerant
SHOULD I BUY AÂ HOUSE BEFORE I SELL may make sense if you understand the risks involved.
Not everyone has the risk tolerance… OR the financial means should things go awry and you end up with two houses on your hands.Â In today’s market of low listing inventory if you house is priced competitivelyÂ and in good repair, you should have a sale within 90 days or less; less if it isÂ priced under $300,000.
If you are under pressure to sell, youÂ may not be able to negotiate home repairs that the buyerÂ demands to be fixed, no matter the cost to you.Â You may find that you have to take the first offer that comes through the door.Â And you may find yourself holding your breath unnecessarily over the 3 hurdles of Home Inspection- Appraisal – and Underwriting Approval of the Buyer.Â
There is a chance… albeit small in this market, that your house will not sell in a timely manner and you are forced to rent one or the other of your houses.Â Choose the new one and increase the odds of yours selling by allowing Realtors to show a vacant or slightly staged house.Â It will sell faster.
But as for me… I would rather face the known, knowing that I have a house to move into once mine sells instead of playing the “please take my offer” game that you will be faced with as the sands of time draw nearer to close of escrow.Â
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These six reasons to buy a new house before your current home sells might convince you to rethink the process.
Here are some considerations to help determine when to buy a house before selling your current one.
- You enjoy knowing whatâ€™s ahead of you. If youâ€™re the type of person who feels nervous leaping into the unknown, you may find youâ€™re more emotionally equipped to part with your current home when you know youâ€™ve got your next place lined up.
- You have time to hold out for what you want. You wonâ€™t feel rushed into settling for a home thatâ€™s less than perfect just so you have somewhere to live (or because your friends are getting sick of your crashing in their guest room). Youâ€™ll be able to wait for the perfect house, whether itâ€™s in the perfect neighborhood, has a perfect layout, or is the perfect price (or all three!).
- You could still bring cash to the table. You may qualify for a bridge loan if your credit is good and you have enough equity in your current home. Bridge loans allow transitioning homeowners who havenâ€™t yet sold their current home to access the money they need for a down payment on a new home.
- You save on extra moving costs and hassle. If you sell your home before you buy the next one, you may wind up moving twice â€” first to temporary housing and then to your new home. If you buy first, youâ€™ll need to move only once. If your temporary residence is small, like a studio apartment or a guest room in a friendâ€™s house, youâ€™ll also face storage fees for all your furnishings in limbo.
- You have a safety net. Although itâ€™s not as attractive to the sellers youâ€™re buying from, an offer thatâ€™s contingent on the sale of your current home allows you to put your next house under contract while still giving yourself extra time to find a buyer for your current home. In theory, thatâ€™s the best of both worlds.
- Your next home isÂ too good to pass up. Youâ€™ve found your dream home, and the seller is extremely motivated. If you love the home so much that you know youâ€™ll regret letting this opportunity pass you by, then it could be worth taking a leap.
– See more at: http://www.trulia.com/blog/sell-before-you-buy/#sthash.KpVhRWKQ.dpuf
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