What happens when you want to buy a home, but you need the proceeds from the sale of your current home to put the deal together?
Let’s say a homeowner who THOUGHT they were perfectly happy in their current home comes across what they feel is their dream home. They want that home, and they feel they need to make an offer as soon as they can. The problem is, they need the proceeds from the sale of their current home to close the deal. The double-whammy to the problem is…they don’t have their current home listed for sale.
This can be an issue if you’ve already found your home of choice. In fact, we would always recommend putting a plan together where you list your home for sale first before you find your “dream home.” Why?
For one thing, many sellers want to be sure that their escrow will close on time…or at least close at all. Their accepting your offer would mean that they have very little control over the time it will take for your home to sell and close escrow.
Another drawback is the added stress of trying to sell your home with a potentially hard deadline. While we do everything we can to market your home for a quick sale, this still could leave you with little options when it comes to accepting a buyer’s offer.
Again we’ll stress that the best approach would be to list your home for sale first. We can add terms that would state escrow would close upon your finding your home home of choice. It’s a much less stressful approach where you can have much more control over your transaction, and take the time to truly find your dream home.
Many homeowners who make the decision to put the “cart before the horse” are often acting on impulse when they find a home they think they want to buy before listing their current home for sale. This is a very big decision, and in some cases, can lead to some very high levels of “buyer’s remorse.” Better to make a plan and set long term goals with regard to your home purchase than to act impulsively.
Let us help you put your “big picture” home buying plan together.
Montemayor & Associates is a team of dedicated, licensed, experienced, full service real estate professionals who are ready to help you realize all of your real estate goals. Whether buying or selling, contact us today for a no obligation consultation by calling either of the numbers listed at the top of the page, or by using the Quick Response form below.Email Contact Form