Many times Buyers looking to move within their community have a home they need to sell as well. For some reason they don't want to carry 2 mortgages at the same time, or can't. I don't blame them, Who wants to more than double their monthly costs of home ownership?
So the dance begins. What happens if our home sells before we find another home to buy? Well, you will need to accelerate your home search or find somewhere to live temporarily. Many times Sellers have family in the area that will let them crash there for a time. Otherwise you may be checking out long term hotel stays or short term rentals.
What happens if we find the perfect home to buy before we sell our home? If you need to sell first, you may need to place an offer contingent on the sale of your home. This means if your current home does not sell in an allotted time frame, you will be able to get out of your contract on the new home. This also means that your offer is a weak one due to the uncertainty built into the contingency.
In either case, a good conversation with your real estate pro can help you figure out what you need to do and the timing for your deals. Just because you need to sell first, don't let that stop you from starting to look for the next perfect home. Good hunting!
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