Should You Sell Your Home First Before Putting An Offer On Another Home?
This is really a tough subject for most home sellers.
It's exciting to find the perfect house. That part might be easy.
The tough part comes when you have a house to sell first.
I've seen this scenario happen over and over because home buyers jump the gun and put an offer on their dream home without a closing on their present home.
Sure, I'm patient with folks...BUT, I know how hard I have to work to sell a home in the market we are in.
It takes longer than you think.
Deals can even fall through because buyers can't get financing even after they have been "pre-approved".
If I make kind suggestions to get your ducks in a row first...before you look at homes... I'm not doing it to be pushy. I say this because I care.
I am a troubleshooter that has been there in the trenches with buyers and sellers.
I would never push a client to buy something if they weren't prepared for the worst. That's my job to see through the possible minefield and guide my clients where to step so they can safely get to a successful closing.
This question was answered below on Trulia.
Check out what other agents have to say about getting your home sold first before buying the next home.
Lizette Fitzpatrick- Principal Broker at Lizette Realty.
#1 featured Kentucky Realtor on Activerain.com and Localism.com.
Publisher/Author for the only Central Kentucky email newsletter on local real estate listings and sold properties, Kentucky relocation, local events, homeowner information and fun!
For more information on Lizette, Kentucky Horse Farms, Lizette Realty, Madison County, Fayette County, Richmond or Lexington KY real estate click on Lizette.us.
See for yourself what Lizette's extraordinary clients have to say about their Kentucky Real Estate experience. Copyright © 2009 By Lizette Fitzpatrick, All Rights Reserved..*Should You Sell Your Home First Before Putting An Offer On Another Home?*
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Interesting answers on Trulia. I usually advise folks to wait until after their home has sold too. Creates less stress to all involved. Now if they absolutely can afford to own two homes then that is a different story. Lots of homes to chose from so that is never the problem.
Good question. I have worked for people who thought they were buying a home, paid me to inspect, and ended up backing out because they never sold their own home.
This is good advice and buyers should read it and become sellers first! First things first!
Lizette, STOP! I just placed an offer on one I want to live in so bad I can taste it. I have to sell my current property first so I'm going into TURBO MODE to get my property sold. I don't want to take a bath on my existing property but I HAVE TO HAVE THE OTHER ONE!
It's emotionally tough because I've forewarned clients for years not to do this...now I'm the client.
Later in the rain~Deb
Lizette, in a strong buyers market it is very wise to sell your current home first. You are right, because it does take longer on the selling side.
Lizette, Great post, the age old question. It is always best to sell first unless you don't need the money from the sale for the down payment and you can qualify and afford it. Clients are often afraid they will end up in the street if they sell before they find their dream home. I use that same phrase "get your ducks in a row" and first things first.
I can relate to Deb, When we become the client we throw all our knowledge out the window and emotion takes over.
Like you say, get your ducks in a row first, seems like people who are first-time buyers and want help are a lot more receptive than 2nd or more time buyers to me. They expect you to keep the house of their choice for them until? Good post!
Missy - You are so right. It's nice there are more homes to pick from right now.
Steven - I've seen that too. I now make the adjustment to the contract so they can do the home inspection after the contingency is removed.
Caren - Selling a home can be a little tricky these days.
Deb - What are you thinking?!!! I hope it works out for you.
Gary - It's not really bad here like in other parts of the country. Still it pays to see a closing first.
Mitchell - I know most folks don't like the idea of moving twice. I would prefer that to the draining of a bank account to keep both houses!
Steve - Yeah, you know that house will wait for them.
Lizette, I agree they need to become Sellers first, But then you have those that want to find a house first, and then if their Home doesn't sell The pressure is on. I hate the domino effect. You get a contract on their house they make one on another contingent upon the first closing, then one falls through they all fall through. Yeah best thing is to sell first!! Great Post