Buy or Sell First? That Is The Question.
Buying first makes more sense when you are in a hot where homes are going fast. This ensures you are able to purchase the home of your dreams. The main risk here is that you could get stuck making payments on two houses if your former home doesn’t sell before you close on the purchase of the new one.
Yet sellers who I have worked with, despite being nervous about owning two houses, have found it beneficial to purchase first, then put their home on the market because they were able to take an extra month to get their new home ready for them to move. This makes the transition into the new home before their home sold much less stressful.
Why not just make your offer to buy a new home contingent on selling your old one? In a hot market, sellers are less likely to accept a home sale contingency simply because they will get a cleaner offer with no home sale contingency. Because if sellers receive multiple offers, they won’t even consider yours. They won’t want to waste their time on an offer that may fall through. In a slower market, a buyers market, a seller is more likely to accept a home sale contingency clause.
Can I get a “bridge” or “swing” loan? Bridge or Swing loans are uncommon today. Many people use their home-equity line of credit as a “bridge” or “swing” loan to make a down payment or purchase. It is better to plan in advance before looking at homes because when you find the one home you love, you will want to be able to act fast before someone else purchases it!
Bottom line is everyone’s financial status is different. I would be happy to sit down with you and explore your housing options as well as how to finance your next home.Bottom line is everyone’s financial status is different. I would be happy to sit down with you and explore your housing options as well as how to finance your next home.
Thinking about downsizing in the future, but not sure which of your valuables are treasure or junk? Let an expert tell you! Come out on October 19th, 2019 to our Antiques Roadshow-style Ask The Expert, featuring antiques appraiser Michael Ivanovich. Each attendee can bring one item to be appraised by Mike for FREE. Register today by calling or emailing us.
Our next Home Selling Seminar will be held on August 21, 2019 at the Warwick Township Community Building, 1733 Township Greene, Jamison, PA 18929, at 6:30pm.
Contact us at 215-757-7257 or email us at TheSwainTeam@gmail.com for more information regarding any or all of the above events.