BUT IT WAS SO EASY WHEN I BOUGHT THIS HOUSE…
You got married, had 3 kids, and definitely need a new home. The one you bought when you were single, no longer fits the bill, although you tried like heck trying to. 3 people brushing their teeth around one sink used to be cute…but no more. So now what? It’s easy, right? You just look at a few houses, and pick the one you want, and you’re good to go. WRONG!
Why? You ask! Well, the first time you bought, you had no baggage. You had your savings, your pre-qualification letter from the bank, you found a house, and 30 days later you moved in. Now, that house you used to love could be the ball and chain that keeps you from moving…unless you put the horse before the cart, if you will.
Now, you likely need to sell your current home before you buy a new one. Most sellers today will not accept an offer from you if it contains a contingency for you to sell your current home. Coming to the table with such a contingency puts you in a poor bargaining position, and really will do you no benefit because you will be working a fictional figure as to what you estimate your home to sell for.
The best plan is to market your property first, then find a new home. You may need to consider temporary interim housing to pull it all off. If you play it right, you will now know exactly what funds you have to work with, and will be in a MUCH better position to negotiate with any seller because you are now a “ready, willing, and able” buyer.
I sit with clients sometimes for hours just discussing how this process works. I have just touched on it here to give you something to think about. I will be happy to answer your specific questions, so write today. Remember, your question is likely to help others as well.
Thanks for reading,
Rick Nazzaro, Boston Real Estate Blog Writer.