The classic Catch 22 that many sellers run into. You want to get the highest price for your home you have for sale, yet you have a home you want to buy for the best price. Unfortunately, the two usually don't mix if you buy before you sell.
As you probably know, it is a buyers market right now in the Indianapolis area. My company not only is a full service real estate office, we also offer property management services and manage almost 300 single family homes in the Indianapolis and surrounding area. My company does something unique that no other company in Indiana does....guaranteed rent program for buyers of a home they want to purchase.
Basically it allows you to purchase your new home without worrying about selling your home for less then you want right now. My company will guarantee to get your home rented or we will pay your mortgage on that home. Certain restrictions apply but give me a call or an email and I can get you more details. In 3 years of doing this type of guarantee, I have never had to pay a mortgage because our unique marketing plan gets your home rented quickly, usually we have it rented before you even more into your new home.
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As I said, the other advice is good. But, in today's market, I'd strongly advise selling your current home first.
Delayed closings work, you should have better luck selling this time of year as the market has been active beginning in January...
If so, talk to your lender to see if it is financially feasible for you to do so - you may need a signed lease before you can close on the new home and the lender may want you to have some cash set aside to cover a few months of vacancy each year.
Being a landlord has its own set of challenges but with a good tenant, they may be minimal - some day the market will be stronger for Sellers and then you could sell - in the meantime, maybe your tenant will want to buy the home - best of luck - keep us posted.
Additionally, you could have your agent write an offer based on the contingency of selling your existing home. They might, thatâ€™s MIGHT, accept the offer with certain time considerations. Or, you could have your agent try and get a first right and put up significant money to show the seller of your dream home you are serious. Just understand, it does little to secure the new home, it may buy you some time. If your situation hasnâ€™t changed by the time they have another acceptable offer, youâ€™ll have to find another dream home.
Best of luck to you in realizing your dream!