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Sell First, Then BuyIt's time to move, either local or long distance, and there's that awful decision: Should I sell first or buy first?
For me, the answer is simple - Sell before buying! Here's why: Unless you are in a really nice position financially, or have a great relocation package from your employer, you won't be able to pay two mortgages at the same time, which means you'll have to sell your current home before you can buy the new one. If you find a home you want to buy, and write a contract, you'll have to make it "contingent" on the sale of your current house. In today's real estate market, with homes selling in such a short time, why would a seller want to accept an offer which doesn't work to his advantage? Let's pretend that we go out looking for the perfect house for you. We find it and you love it! Now we have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The seller figures that's a risky deal, since he might pass up a buyer who DOESN'T have to sell a house while he's waiting for you. So he says OK, he'll do the contingency but it has to be a full price offer! So you see, you paid more for the house than you could have because of the contingency. Now we have to sell your existing house, and in a hurry! Otherwise you lose the dream house! So to sell quickly you might take an offer that's lower than if you had more time. The bottom line is that buying before selling might cost you TENS OF THOUSANDS of dollars. I always recommend that you sell first, then buy. If you're concerned that there is not a house on the market for you, then we'll go on a window-shopping trip. We can identify possible houses and locations without falling in love with a specific house. If you feel confident after that, we'll put your house on the market. Another tactic I recommend is to make the sale of your home "subject to seller finding suitable housing". Adding this phrase to the listing means that WHEN WE DO FIND A BUYER, we will have some time to find the new place. If you don't find anything to your liking, you don't have to sell your present home! Quick Search for Homes by Neighborhoods in:
               Lydia Bianchi
Phone
E-Mail Us
(615) 456-4432 Fax (615) 807-3835 Office (615) 661-7800 Prudential Woodmont Realty
5107 Maryland Way
Brentwood, TN 37027
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