News & Politics
Want to sell your home? Get a FREE home value report. Want to buy a home? Search all homes for sale.If you plan on making a move-up purchase you have a few different options. Today, I briefly discuss them so you can make an informed decision when the time comes for you to make your move. One option is to sell your current home first. This can be a scary proposition because you run the risk of having your home sell and not being able to find something. When doing this option, you should take a look at some homes first. Get an idea of where you want to move and how much you can afford to spend. Make sure it’s realistic: see if there are any homes available that meet your specific criteria. Bottom line: Do some research on the market before selling your home. The time just may not be right. Another option is to ask for a longer term once you sell your home or do a leaseback. You could ask for a 90-day closing period, instead of a 40-60 day period, in order to give yourself more time to find a home. If that doesn’t work, you could ask the seller to do a leaseback, where you pay the buyer to live in the home while you search for another one. Keep in mind that not all buyers will be willing to make these arrangements.One of the safest, and most commonly used, options you have is a home sale contingency. While it does give you a bit less negotiating power, it is a much less risky proposition. In this situation, you would find a home, make an offer on it, and go under contract with that new home with the contingency that you can’t close until you sell your current home. The problem with this is that most sellers don’t want to see a home sale contingency and it may limit your buying power. If you can make this option happen, it would be the most convenient route, as it allows you to buy a new home and sell your current home without having to move more than once. You have other options available to you, but they're essentially just variations on the ones mentioned above. If you would like to discuss which option is best for you and your particular situation, please don’t hesitate to reach out to us. We would love to hear from you!