Buying Your Next Home
Agent & Price
Oh, to be a first-time homebuyer again! That one was easy, but now you’re about to graduate from being a first-time homeowner to being a repeat buyer. Unless you’re a house collector, you’ll want to sell one home and buy the next–all without losing your mind. And that really is possible! That’s where skilled representation comes in. On a pretty pink planet, you can buy a new home, move in and wait for the dust to settle before worrying about selling your old one–but it just doesn’t usually work that way. You’re going to need some experienced help.
Just because people usually sell one house and then buy another doesn’t mean that’s always how it’s done. Some sellers can afford to handle–and to qualify for–two mortgages, but that’s not everybody’s circumstance. For those who opt to sell and then take those proceeds to market for a new home, there are a few things to take into consideration:
- If you haven’t sold your home but you found your perfect next home, you should look into the possibility of writing a contract with a contingency–meaning, you have a certain situation to satisfy in order to make good on the contract–in your case, selling your first home before officially entering the second home agreement. Some markets are less amiable for contingency contracts than others; you’ll need experienced help to navigate that.
- Rent-Back. A buyer who is not in a pressing hurry to get into your property may agree to “rent back” your home to you for a specified period of time (usually 60-90 days max) for an agreed upon amount of money. This option can definitely take away some of the pressure of finding a new home to settle at the same time you close your previous home deal. We’ll assist you in including this in your negotiations with a buyer.
- Bridge Loans are a little bit more sophisticated way to purchase that new home before the sale of the old one, by borrowing money to be paid back out of the sales proceeds.
Don’t Let Fear Decide For You
You’ve sold your first home but you haven’t found that perfect next home yet. Don’t let anxiety push you into a bad decision that you’re going to have to live with for potentially a long time. Don’t compromise on things that are important simply to relieve the pressure of time. On the other hand, don’t feel compelled to accept a too-low offer simply because the timing is right. Lisa Teach and her team will help you to walk this timing tightrope and make this transition as easy as possible.
Call or e-mail Lisa Teach today to get the most up-to-date information about selling your house now!