Need to sell your Orlando home before you can buy? Avoid this mistake

By
Real Estate Agent with La Rosa Realty, LLC. SL3246400
http://actvra.in/4YHM

Do you need to sell your home in Orlando before you can buy? If so, you naturally need to know what a new home will cost and whether you'll qualify for the payments. You don't want to let go of your present home only find that you can't purchase a new one! That said, you should do a little looking on line and speak with a mortgage lender before going any further.  Looking on line will give you a good idea of pricing on homes of the size you need in the neighborhoods you want. You'll likely see a wide range, because some of those homes will be in top condition and some won't. Assume that the home you'll choose will be at the high end of the range.

 

Speaking with a lender will tell you whether you'll qualify for a purchase at that price.  BUT – Don't make the mistake of shopping for that new home just yet! Wait until you've listed your present Orlando home and have accepted an offer from a qualified buyer.  Shopping for a new home before you have the ability to make a purchase can cost you money and lead to disappointment.  Very few sellers will accept an offer contingent on the sale of a house that is not yet under contract. It just doesn't make sense for them to take their house off the market on the chance that your house will sell and you'll be able to close. Of course, a few will do it if you're willing to put down a sizeable non-refundable earnest money deposit.  Even if you do already have an offer on your current home, sellers are wise to be cautious and will perhaps counter with a "bump clause" allowing them to accept a different offer if you can't close within the specified time frame.  If by chance the seller does accept your offer, you'll have put yourself in another difficult situation – that of needing to sell your present house quickly. That, in turn, means you'll be more likely to accept a low offer just to get it done.  The need to hurry could cost you thousands of dollars.

 

So what else will happen if you shop too soon?  The worst case: You'll find "the perfect house" and you won't be able to buy it. And after that, no other house will measure up. Even if you find a different home that in reality is a better fit for you and yours, you'll always think the other one would have been better.  

 

My advice: Exercise patience. First, list your home at its current market value. Then do all you can to make it attractive, appealing, and accessible to qualified buyers and their agents. Then negotiate reasonably and get that home under contract.  Once your house is under contract with a solid buyer, start shopping for your new Orlando home.

Posted by

Cathy Starkweather
Realtor & Investment/Vacation Home Specialist

1420 Celebration Blvd., Suite 100, Celebration, FL 34747
01.407.274.8476 / cathystarkweather@gmail.com
Ranked in top 15 most active agents in Central Florida
Top 1% of all agents on Trulia

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Topic:
Home Selling
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Tags:
orlando real estate
selling a home
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real estate advise
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Rainmaker
93,118
Diana White-Pettis
Exit Bennett Realty - Upper Marlboro, MD
GRI, CDPE, CNE, Upper Marlboro Homes for Sale

This type of situation can sometimes be a challenge, but if sellers carefully follow our advice it all works out. Thanks for the great post.

Jan 10, 2017 07:06 PM #1
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

It is best to speak with a mortgage professional then a real estate agent.

Jan 10, 2017 07:29 PM #2
Rainmaker
170,268
Nathan Gesner
American West Realty & Management - Cody, WY
Cody, Wyoming Property Manager, baldness expert

This is good advice for someone that needs to sell a home and buy a home at the same time.

Jan 10, 2017 08:59 PM #3
Rainmaker
3,658,554
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is excellent advice to share.

Enjoy the holiday weekend.

Jan 15, 2017 05:31 AM #4
Rainmaker
3,376,967
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Kathy.  Excellent advice for those that need to sell a home before buying their next one.

Jan 15, 2017 05:34 AM #5
Rainmaker
1,917,376
Will Hamm
Hamm Homes - Denver, CO
"Where There's a Will, There's a Way!"

Hello Cathy, we use to have a suggest button for features , blogs that we want more people to see,  this would of been one of them!!

 

Jan 15, 2017 07:53 AM #6
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Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Great advice here Cathy. Pricing a home right will get the seller moved much quicker to their next step in life.

Jan 15, 2017 07:55 AM #7
Rainmaker
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Dorie Dillard
Coldwell Banker United Realtors® ~ Subsidiary of NRT, LLC - Austin, TX
Realtor-Canyon Creek- NW, Austin TX Homes For Sale

Good morning Cathy Starkweather ,

What a wonderful post with great advice about what do to when selling a home before buying! I feel this is a feature worthy post! I just subscribed to your blog. Looking forward to reading more of your posts.

Jan 15, 2017 08:06 AM #8
Rainmaker
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Cathy Starkweather
La Rosa Realty, LLC. - Celebration, FL

Thank you Dorie,  I appreicate your feedback as you're an amazing AR blogger! :)

Jan 15, 2017 11:08 AM #9
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