Transitioning from one home to the next isn’t one-size-fits-all. Sellers can decide which option is most tailored to their specific circumstances. Here are the three options.
There are three ways in which a seller can transition from their current home to a newly purchased home.
1. Buy a new home, move into the home, and sell your former home. For some, the biggest disincentive to doing this is the financial struggle. Not everyone has the financial means to purchase a home before putting their current home on the market and risk having to pay two mortgages in the meantime. This does tend to be the easiest option, though, because it means you, as the seller, can have a stress-free experience relocating your possessions to the new home and not have to worry about it when it comes time to list.
2. Sell the home and move into temporary housing. This is a popular way of transitioning. Here, sellers get their home sold and move into a short-term living space while in search of their next home—this could be an apartment, a relative, neighbor, or friend’s residence, etc. This gives the now-buyer more time to shop around and find a new home without a lot of stress. The downside? The two moves between the shorter-term housing and then later into the new home probably won’t be your favorite part about this option.
Be sure that you have a contract on your home: Sellers tend to be more skeptical of contingency offers without a contract on the buyer’s home.
3. Use a contingency option. In other words, we’d place your current home on the market and begin to shop for your future home all at the same time. In the event that we find a new home that’s in line with your needs before the sale of your home, the offer we write would stipulate that it’s contingent upon you selling your home. Be sure that you have a contract on your home: Sellers tend to be more skeptical of contingency offers without a contract on the buyer’s home. Seller contingencies are an option as well. If you receive an offer on your home first, you can make your agreement to sell contingent upon you finding a new home.
If you have any questions about what I covered today or you're curious about which of the three methods might be most tailored to your needs, I’d be happy to sit down and discuss it with you.
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