Do I Need To Have My House Sold Before I Start Looking For Another?
Some people can afford more than one mortgage at a time, and for that group, there's no need to wait until your old home sells to select a new one. In fact a home that's not lived in is easier to sell because it can be staged and left in that beautiful condition for perspective buyers to view without clutter and constant clean-up. Also, some shoppers want to move quickly, and a home that's not lived in can be more preferred for them, versus one that will take a month or more to vacate.
If this is not a possibility for your, there is no reason you have to have 2 residences at the same time. What we do in that case is make your offer on the new property contingent on the sale of your old home. That is, you will only purchase after you are able to sell your old home. This is what a large number of buyers do, so it is very common. The contingency does not make your offer as strong, but if sellers are willing to work with that contingency, it can be a good situation for all parties involved.
Lastly, there is one more option, and this option is not for everyone. Many buyers really want a new home right now, but their own home value has dropped so much in recent years, they don't really want to sell their house at its current market value. And some have chosen not to. They will hold on to their old home until values recover and rent it out until such time.
These individuals have sat down with one of our professionals again to make sure the rent they would get for their old home would cover the mortgage at least, and hopefully provide some cash-flow on top of that. For those sellers who can afford this option, they will wait out the market and get what their house is really worth. All of our team agents are also investor specialist, so they can teach you the process of getting it rented too, if you're interested.
Discuss these options with your agent to find out more, or contact us – we are happy to help!
Direct Line: 612-644-5380
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