How to Buy a New Home When You Have One to Sell First
October 27, 2017
We have put together some tips to help you learn how to buy a new home when you have to sell your old home first! Buying a home when you have to sell first isn’t an easy task, but it can certainly be done! For most people it will require moving twice in order to accomplish your goals, however a small number of people will qualify to buy a new home before they sell their old home. If you are one of those few, then the process of buying and selling will be much easier because you will have much more flexibility in your decision making. But, if you are one of the majority, then you will have to sell your existing home before you are able to go out and buy a new home.
We get many calls from clients who want to start house hunting before they have sold their current home because they want to “see what is available to buy.” But, before we go out shopping for homes, the best place to start is to get pre-qualified with a trusted local lender who will be able to tell you exactly how much you can spend on a new home and whether that amount is conditional based on the sale of your old home. If you are required to sell your home first, then it is important to get your house on the market quickly and under contract before we start shopping and identify your next home.
We always tell our clients that the best homes sell fast, regardless of the market we are experiencing, and the last thing you want to do is to fall in love with a house that you cannot buy! So, let us help you get your house listed for sale, under contract and through the inspection period before we start looking for your new place to call home. This will help you avoid the heartache of “losing” your dream home because you are not yet ready or qualified to buy it. Another point to consider is that if your current home is already under contract and through the inspection period (usually 10 days), then it will be much easier to write an offer on another home and be taken seriously by the sellers.
If you are like most people, then you will probably need to go through the hassle of moving twice in order to accomplish your real estate goals because buying a home when you have one to sell can be complicated. However, the short-lived inconvenience of two (short) moves will be well worth it once your home has sold and you have bought your new home and are all settled in! Sometimes it is possible to have a simultaneous closing, where your old home and your new home both close and record on the same day. If this is the case, then you will still need to have all of your stuff packed up and moved out of your old home prior to the final closing day. You might consider a “pod” container and have the moving company store the unit for a day or two before delivering it to your new address. You could call upon family/friends and ask to spend a night or 2 with them before your final move! If you’d like to discuss buying a new home when you have one to sell first, then please don’t wait to give me a call! If you are looking for a fabulous local lender, then I can also provide you with a list of referrals to get you started on the pre-qualification process.
As full-time, experienced Realtors living and working in the areas of Queen Creek and San Tan Valley Arizona, we are always available to answer your real estate related questions. If you are interested in buying or selling a home in Queen Creek or San Tan Valley Arizona, or if you would simply like a FREE market analysis of your property, then please do not hesitate to contact Karen Berg at 602.919.2375 or Keely Semon at 480.220.1321.
Of course we’d love to help you any time you need to buy or sell, but we’re also here for you any time you have a question about the market. You can also feel free to call if you’re simply curious about the listed or sold price of a house down the street. We’re looking forward to hearing from you soon!