Unless they are flush with cash, most homeowners can’t purchase another home until they sell their existing one first. That creates a dilemma: should you start house shopping before the sale of your home is within reach? Naturally, most folks want to know they have an address to go to, before they give up their current one. However, this puts you in a compromised position as a buyer. This is because the seller on the other side can’t be confident when you’ll actually sell your home and be able to remove that sale-of-home contingency from the offer.
Trying to buy a home before you sell your own really is putting the cart before the horse.
It means you are trying to convince another homeowner to tie up his property for a ‘maybe’ on the sale of yours. Instead, consider how each of the following scenarios looks to a seller who receives an offer from you:
- Your home is not listed but you must sell it in order to afford another.
- Your home is conditionally sold with a stated deadline for buyer contingencies.
- Your home is sold and you can count on that money for your purchase.
A sale-of-home condition creates uncertainty for an anxious seller. Watch my video below to learn why starting with the sale of your own home is the very best way to get your dream home at a price and timeline that works for you! (PS: We’ve not had anyone go homeless yet!)