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Should I Sell first? or
Should I Buy First? The answer to
this question depends on you and your individual
situation. Your decision here could have an
effect on your finances, negotiating position
and moving timeline.
Buy First
You have more time to look for a
new home without the pressure of a fixed moving
date. But you could end up paying two mortgages
until your home sells. A bridge loan can help
but you must have adequate equity in your
current home to qualify.
Your agent could put a contingency in the
purchase agreement that make the purchase of
your new home dependent on the sale of your
current home.
Sell First
You could be in a stronger
bargaining position if you sell first. You will
have a better idea of what you can afford, you
won’t need a contingency, yet you will have the
added pressures of a fixed timeline. However, if
the seller knows your time restraints it limits
your bargaining power.
Your agent is trained to help you explore the
various options. Knowledgeable agents
understands and are adept at handling most
home-buying dilemmas. |
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Ask DC's Condo Guy !
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