Sell first or buy first? A classic dilemma
Which comes first — selling your home or buying another? It's a quandary, unless carrying two homes is no trouble for you.
Selling first makes your purchase "non-contingent" and stronger but could leave you without a home temporarily. Buying first might require you to write an offer "contingent" on your sale… not ideal in some markets, but may work today.
Among the many options to explore:
• Make your sale contingent upon finding your replacement property. Buyers make all kinds of concessions today, and if they love your home, they may find this perfectly acceptable.
• Negotiate a long closing on your sale, and/or a "rentback" to delay your departure. Again, buyers might be glad to flex on timing.
• As a buyer, bridge loans used to help, but they're mostly extinct today. Similarly, a line of credit on your home might be a perfect way to get temporary funds.
• Consult your CPA or financial adviser about tapping other assets temporarily as bridge funds, "paying yourself back" once your home sells.
• Make your purchase offer contingent. It's not futile! An otherwise strong offer and some creativity by your agent may be good enough to make a seller say yes!
• Simply be OK with moving twice. It's not the end of the world. It's simpler in a way. Neither the sell nor the buy is complicated. You can negotiate a little more firmly on both and come out ahead financially.
Give me a call with any questions.
Mike Hall
Hasson Company Realtors
15400 SW Boones Ferry Road
Lake Oswego 97035
503-341-5915
