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Selling & Buying a Home at the Same Time? It Can Be Much Like Juggling
Selling & Buying a Home at the Same Time? It Can Be Much Like Juggling The definition of juggling is ...
A continuous tossing into the air and catching (of a number of objects) so as to keep a minimum of one in the air while handling the others ... For those trying to sell a home while buying another, it can feel just like that ... a juggling act requiring great timing, luck, balance, and concentration.
Back in the late 1970's when I was a rookie loan officer, the practice of selling and buying a home simultaneously was a fairly common practice. Not so anymore.
There are many reasons why this has become true, but one stands out most. Available housing for sale is in short supply creating very competitive buying scenarios in many markets.
In these competitive housing markets, Sales Contingencies won't cut it come Offer time. Sellers typically won't consider Offers/Contracts that contain them. They don't have to. It's also true that the process of selling and or buying -financing a home is now more detailed too. Many people are just not keen on "juggling" everything at once. They prefer to consider, then learn, then tackle one step at a time. Those steps should include:
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