Today I'd like to discuss the topic of selling your current home and buying a new home at the same time. Keep in mind that every person has a different ability to handle this type of transaction, both financially and emotionally.
One option is to buy a new home before you sell. That way, you can move your stuff into the new house and get the old property ready for the market. However, you really have to sit down with your lender to see if you can afford to do this, and, if so, how long you can afford to pay two mortgages.
On the other end of the spectrum, you can sell your house first, move into temporary housing such as a friend or relative's house, and then purchase your new home. While you shop for your new house you can simply rent a storage unit to keep your belongings in.
There are many options in between these two extremes. A lot of people try to time their transactions. They list their property and wait for an offer. Meanwhile, they’re out looking for a new home. As soon you accept an offer on your house, then you can put an offer on the new property.
If you need to close on your house before you can purchase your new one, we will include a bump clause in your offer. This basically means that your offer is contingent on selling your home, and if a second offer comes along, your offer might get bumped.
Schedule a consultation with us to learn more. Keep the lines of communication open between us and your lender. Together, we can help guide you to choose the best option and ensure smooth transition between your old house and your new home.
Posted by Shawn Kriewaldt on
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