Buying A Home Before Selling Your Current Home


Buying A Home Before Selling Your Current Home
By Scott Rogers • September 30, 2021
If you plan to buy a home this fall -- but you already own a home, that you plan to sell -- then one of your first conversations should likely be with your favorite mortgage lender. It's a seller's market, after all, which means that... [1] When you are selling your home, you will likely find yourself able to negotiate favorable terms with most buyers making an offer on your home. ...but... [2] When you are making an offer to buy a home, the seller will likely have the upper hand in negotiations. As such, if you are planning to make an offer to buy a house with any of these scenarios, you are unlikely to be successful... offer contingent on sale of home, house not yet listed for sale offer contingent on sale of home, house listed for sale, not yet under contract offer contingent on sale of home, house listed for sale and under contract, but with several outstanding contingencies offer contingent on sale of home, house listed for sale and under contract, all contingencies resolved (you might find success on this one) So, if you want to have a fighting chance at buying a home right now, you will likely want to explore what it would look like to buy before (or independent of) selling your home. Basically, will your lender allow you to buy a new home before selling your current home. If your lender says this is possible -- and if you are comfortable with it -- this will allow you to pursue houses that come on the market and make offers that are not contingent on the sale of your home. But again, all of this starts with a conversation with your lender. So, if you want to buy this fall, but will also need to sell, and you're not sure if you can buy before selling -- talk to a mortgage lender ASAP to find out! If you need recommendations on some great mortgage lenders in this area, feel free to email me. Receive Updates by Email Recent Articles: Discover That Your Water Heater Is Leaking BEFORE It Causes Major Damage The Only Way I Can Try To Get You To Be More Excited About Raking All Of Those Leaves Yes, A Realtor Can Represent You As A Buyer How Much Are You Really Paying For That House? Only The Top 5% Of Home Buyers In Our Market Pay Over $550,000 If Your Home Is Not Under Contract After 30 Days, And You Have Not Received Any Offers, Should You Consider Adjusting The Price? Do Some Of The Attributes Of Your Home Disqualify Some Buyers? Some Sellers Will Prioritize Certainty Over Price 102 Apartments Proposed On Apple Valley Road 95 New Townhouses Proposed At Massanutten Resort
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Oct 28, 2021 (unless otherwise noted).
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