Home Buyers Mistakes - #1 - Buying before selling

Real Estate

Laura and Julie from Century 21 JC Jones Grants Pass here...

We were wondering...Are you looking to buy a home before you sell one?

If you are one of the great home searchers on our site and you own a home already...and your next home cash is coming from the sale of the home you already own...this is for you!

Not selling first...big mistake! We see it all the time.

You should plan to sell before you buy. This way you will not find yourself at a disadvantage at the negotiating table, feeling pressured to accept an offer that is below market value because you have to meet a purchase deadline.

If you've already sold your home, you can buy your next one with no strings attached. It is obvious.

If you did not even list your home for sale yet, and you attempt to make an offer based on the future sale of your existent home, you have a very weak buying offer. We could try, but it is very likely that sellers won't accept it.

Just keep in mind, this is one of the weakest forms of offers...a seller will always accept a better one instead...

If you do get a tempting offer on your home but haven't made significant headway on finding your next home, you might want to put in a contingency clause in the sales contract which gives you a reasonable time to find a home to buy.

If the market is slow and you find your home is not selling quickly as you anticipated, another option could be renting your home and putting it up on the market later - particularly if you are selling a smaller, starter home. You'll have to investigate the tax rules if you choose the later option.

This is what we have for you today. We hope this helps!

If you didn't list your home for sale yet and you need a Home Value Estimate, let us know! Let's get you started in the right direction: Get your free home value estimate report by clicking here!