Buying a home as a first time home buyer is not easy. You have to pull together the money for the down payment. Then there is the process of trying to find a house in your price range that you actually like. Once you find the house you want to buy, hoping that you will not be competing with other buyers for the home. Going through what first time home buyers go through is not easy. When you are having to sell a a home before you can buy another one, you may be wishing for the simpler times when you just were buying a home.
So, you need to sell your home before you buy another one. Good news is your are not alone. Plenty of people navigate the process of moving up, buying and selling, just like you. Here are some common concerns people like you have and some tips on how to deal with them.
What if I don’t find a house I want to buy?
The first concern is: What if I Don’t Find a House I Want to Buy? This is certainly a legitimate concern. But waiting until you find your next home, before you put yours on the market isn’t necessary the best way to be successful in this process. Waiting to put your home on the market can lead to rush decisions that can cost you money. You also run the risk of the dream home being purchased by a buyer that doesn’t have a home to sell, before you are ready to buy.
What if the house I want to buy sells before I am ready?
A second concern is: What if the House I Want to Buy Sells Before I am Ready? You have found the house you want to buy. You do not want anything to get in the way of purchasing that home. If you wait, hoping your home will go under contract before you write an offer on the new one, you may lose out. You can write an offer that is contingent upon the sale of your home. But what if the seller does not want to accept an offer that is contingent upon a home selling? There are strategies that can be implemented in this situation so you don’t miss out!
What if I get stuck with two mortgages?
Another question that you may have is: What if I Get Stuck With Two Mortgages? You have decided to move forward with a contract on your new home before your old home sells. You know that you qualify for both mortgages, but certainly do not want to be paying a mortgage on your old home and your new one. This is something most everyone would like to avoid. The best way to avoid this is to not go under contract on the new home before all of the contingencies have been met with the contract on your existing home. Make sure that your agent puts language in your contract, on the new home, that gives you an out if you do not close on your existing home. This will keep you safe.
Could I end up homeless?
A fourth concern that you may have is: Where Will I Live if my House Sells and I have not Found the House I Want to Buy? This question can be easier to answer than most of the other questions. You will not be left living in your car. You have options. Some of those options can be as easy as family, or a temporary rental, or even a short term rental. There can also be a change in the closing date of the contract so that the dates of both contract match up and you are not without a place to live. You can also do a rent back of your existing home after you close, until the new home closing occurs.
These concerns are common concerns of people buying and selling. The process of buying and selling a home can be challenging. Work with an experience agent that knows the strategies that work so you can be successful. Then all you will have to worry about is packing and moving into your new home.