QUESTION OF THE DAY: (Buyer Question)
Should I sell my current home before I purchase another home?
TAWANA'S ANSWER:
A classic dilemma for homeowners is whether to sell their existing home before purchasing another, or the other way around. In the latter case, the advantages are that you can first find your perfect home, and then once that is taken care of, sell your previous one. That approach while appealing, has a few significant drawbacks. Can you pre-qualify for a second mortgage? If not, your bargaining position in purchasing your new home will be reduced as you will need to make your offer contingent on the sale of your existing property. What happens if your current home doesn't sell right away? You might be stuck with two mortgages.
I recommend first selling your home and then purchasing another…or including a Hubbard Clause in the purchase contract for your new home. Contact me for more information and strategies to help you if you are facing a dual transaction of simultaneously buying and selling.
I am here to make your transition a smooth and stress-free one!
Call, Text, or Email me, ANYTIME!
Tawana Bourne, REALTOR®
Berkshire Hathaway HomeServices NEP
RealtorTawanaBourne@gmail.com
860-834-1220
Submit questions here: http://bit.ly/2KIQjm5
Should I sell my current home before I purchase another home?
TAWANA'S ANSWER:
A classic dilemma for homeowners is whether to sell their existing home before purchasing another, or the other way around. In the latter case, the advantages are that you can first find your perfect home, and then once that is taken care of, sell your previous one. That approach while appealing, has a few significant drawbacks. Can you pre-qualify for a second mortgage? If not, your bargaining position in purchasing your new home will be reduced as you will need to make your offer contingent on the sale of your existing property. What happens if your current home doesn't sell right away? You might be stuck with two mortgages.
I recommend first selling your home and then purchasing another…or including a Hubbard Clause in the purchase contract for your new home. Contact me for more information and strategies to help you if you are facing a dual transaction of simultaneously buying and selling.
I am here to make your transition a smooth and stress-free one!
Call, Text, or Email me, ANYTIME!
Tawana Bourne, REALTOR®
Berkshire Hathaway HomeServices NEP
RealtorTawanaBourne@gmail.com
860-834-1220
Submit questions here: http://bit.ly/2KIQjm5
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