Finding Your New Home
Chances are that while you are working through the process of selling your home, you are also in the process of planning the purchase of your next home. You may have already located your dream home prior to finding a Buyer for your current home. This transition from one home to the next can be tricky. Timing can be critical and orchestrating all of the components to come together successfully can be very challenging. Your Agent will be your best resource to discuss the issues and develop a plan that will work for you.
Is it best to close on my current home before buying my next home?
Generally speaking, the answer is “yes”. You will have less financial risk and probably less expense if you can sell your existing home first. But, that’s not always possible and there are options to consider.
There may be a number of circumstances that would require buying a new home first. For example, you may have to move due to a job relocation. Or, you might find the perfect home that you’ve been searching for – and a contingent offer will not be acceptable. If you are unable to make a non-contingent offer, the home will be gone by the time you are ready to buy.
There are a number of options that may help to resolve this dilemma. One is to specify a closing date on your new home that will give you enough time to sell your existing home. Another option is to obtain a bridge loan. This will provide you with the necessary financing in the event that you are required to own two homes temporarily until the first home sells. This is not for everyone. Your Agent can put you in touch with a home loan expert that will explain your options, see if you qualify, and outline the costs.