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 somewhat rare 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.
Make it an adventure. There are worse things in life.
Hasson Company Realtors
15400 SW Boones Ferry Road
Lake Oswego 97035