Purchasing Before Selling
Purchasing Before Selling
Purchasing Before Selling
It would be an ideal situation if every home put on the market sold quickly. If this where the case, then everyone who was trying to sell their house would do so at the exact moment they closed on a new one.
Ideal scenarios like the ones above are not what really happens, particularly right now when the economy has set it up to be a buyers market. There are usually too many homes on the market in comparison to buyers, and the price you're asking may be too high. A problem arises if you happen to find a new house you'd like to buy when your home still remains on the market unsold.
There are a lot of things to think about when it comes to this situation. Even if you have found a house you would like to buy, your first option is always to wait until your house sells prior to buying another. It is probably the same for the seller of your prospective new home, as well, if the market is slow on your end. You'll obviously be taking a risk if you do not have the financial means of paying for two mortgages at once, so you should never overlook this option.
Another option is dependent on your finances entirely. If you decide to put an offer on another house while yours is still on the market, you may have to foot the bill on two mortgages at once. It is possible to make the offer contingent on you selling your home, but a seller might balk at something like that and back out of the contract, as a result. This is a good decision if your job is stable and you have the fiscal means.
One last option is to buy the other home and to rent out your existing residence until it sells. A tenant will pay your mortgage, making it possible for you to afford the mortgage on your new home. Tenants expect you to be an active and fully committed landlord most of the time, which is not always as simple as it may at first appear. And you could be left in a worse situation than you were in when you first began if your tenants wind up not paying or damaging your property. All of these, however, are options that should be thought of thoroughly prior to committing to any single one in particular.
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