When trying to buy and sell at the same time, it makes it much more difficult as you have more people who have to work together â€“ duplications on lenders, buyers and sellers. If one falls through, so can the others. Will you wait for your buyer? Then will your seller wait for you? If there are job transfers and deadlines to meet it makes it even harder.
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Better Homes & Gardens Real Estate-Bradfield Properties
210-491-0021 ext 140 (direct access)
Changing Real Estate Dreams Into Reality Since 1985
As has been mentioned, the purchase of a new home versus the purchase of a privately owned resale home while trying to sell your home will vary depending on circumstances. A builder, with much deeper financial pockets, is much more relaxed in working with you on signing the purchase contract on your new home with a contingency on the sale of your current home. On the other hand, a private seller is understandably much more emotional and concerned that your current home might not sell and places his transaction with you in jeopardy.
I have worked cases with both a new home builder and a private seller successfully every time. The key is to make sure that every step along the way is well reviewed to insure that all bases are covered each step of the way.
Two very important steps is to make sure that the buyer of your home is definitely qualified and approved for the loan to purchase your home and also that you are approved for the purchase of your new home.
I have 15 years experience in the real estate industry - call me for no obligation advice.
Thanks for asking.
Roland Gonzales, ABR, GRI, CRS, CDPE
Depending on your main incentive and financial situation as well would determine some factors. If you are able, you could rent out your current home in order to keep the asset and allow someone else to pay the mortgage in order to build your own wealth.
In this case, you would have to find a temporary place to stay once you get a tenant in so you could better qualify for another loan which would have to be conventional because you already have one home under your name.
If you want to sell, it puts you in a situation that you would have to ask for a contingency on your next purchase contract. Contingency meaning a 'condition' before you can be held liable to purchase the next home. Builders of larger, more expensive homes usually have no problem with this as long as you let them hold a deposit and they will start building once you have a purchase contract.
Owners of existing homes do not care for this too much. It puts them into limbo and prevents for making solid plans to make their next move. When you decide to sell, another home owner may come to you and ask for the same contigency and you will like a fish on the hook with no clear idea when all things will be finalized.
It takes someone with experience to guide you along the way and I have done this for people quite successfully. If you need references, I have them.
Please feel free to contact me with further questions or concerns
Keller Williams Realty
You can call or email me with any questions any time.
Real Living/ Best Homes
Would be happy to discuss with you - just answers - no sales pitch.
Royce Simmonds, Broker-Owner
Simmonds Real Estate Inc.
210-269-8086 Direct Line
36 Years Active Air Force Service 15 Enlisted - 21 Officer