Buying and Selling a Home at the Same Time
Buying a house when you currently own one, raises the following question:
Do I sell my existing house before buying another, or do I buy a new house before selling my existing house?
Either alternative has its challenges that must be carefully evaluated before making any decision to sell or buy a home. The best answer for one person may not be the best answer for another person. You must weigh the pros and cons of each alternative and carefully consider the risks involved in either decision.
The Pros and Cons of Selling Before Buying
Pros - The Benefits of Selling Before Buying:
- You will have cash in the bank readily available for a down payment. Sellers are favorably impressed when you have cash in the bank and favor offers from such buyers.
- You eliminate any possibility that you will be required to pay two mortgages simultaneously.
- You will know exactly how much cash you will have available to invest in your new home.
- You eliminate the risk that you will not qualify for a new loan because you have two mortgage payments.
- You eliminate the pressure to reduce the selling price on your existing home.
Cons - The Detriments of Selling Before Buying:
- You will probably have to find temporary housing after you sell your existing home.
- You will probably have to move twice.
- You may feel the pressure to find a home quickly.
- You may be required to pay temporary storage fees.
The real estate agents with Pacific-Realtors.net can assist you in making the decision, but the decision is always yours to make.