Buying a new home while in the process of selling your current home has got to be one of the most stressful situations to find yourself (the only thing more stressful is probably having to complete your first novel under incredibly tight deadlines, which would probably lead you to lift entire paragraphs from someone else’s novel).
The old rule was, it was okay to make an offer on your new home, because your current home would sell in an instant.
Of course, things are a bit different now, aren’t they? What if can’t sell your current home.
Hilarity will not ensue.
Home owners who decide to simultaneously sell one home and buy another are headed for emotional overload.
Online broker RealEstate.com surveyed 550 home owners who had been through the bridging process within the last five years. Forty-two percent said the process was more difficult than they expected and 70 percent said they were worried during the process.
Sixty-two percent managed to successfully close both deals. The remaining 38 percent either ended up â€œhomadsâ€? â€” those who sold their homes but werenâ€™t able to close on the new one â€” or dual owners, those who closed on a new home while still owning the old one.
The majority of respondents had no regrets as a result of the process (78.2 percent). However, if they had to do it over again, men were more likely than women to say that they would have sold their existing home before making an offer on a new home (9.9 percent vs. 8.8 percent), and women were more likely than men to say they would have never moved (7.8 percent vs. 6.6 percent).