subject: Sell First of Buy First? [print this page] Sell First of Buy First?
There are certain pros and cons between the two options and it is important to know the information to help you decide.
If you consider selling first, you will have a more time of negotiating. This means you dont have to agree on the first offer because you still have a house to stay. There are no pressures on your side. You can always wait for the best offer to come before deciding to sell your home. In this case, you will have better chance of getting the highest price possible for your home. Buyers cant haggle for the least price because they know you are not that desperate in selling your home.
After you were able to sell your house but you were not able to find a perfect house to buy, youll end up renting a place for temporary shelter. You can have your things stored in a storage house temporarily. In most cases, sellers will rent their sold house especially if the buyer is not in hurry to use the house. You can then search for a perfect house to purchase.
If you sell first, you can take advantage of the contingency period that allows you to cancel the contract during the specified period, which can be from 7 to 21 days. During this period, you will have ample time to look for your new home.
In terms of the buy first before selling option, there are also certain pros and cons you need to know. If the number of buyers is higher than the houses for sale, it is very easy to sell houses and it is an advantage to buy first before selling. But if buyers decrease and houses for sale increase, the consequence is that you will have the burden of maintaining two houses while your old house is not yet sold. It may also take some time before your old house will be sold. This becomes a big problem especially if you have limited cash.
There are instances wherein you will find a home that comes with an irresistible price. This is especially the case if the sellers are in dire need of money to pay some debts or if they have a business to finance. Some sellers maybe addicted with gambling or have to undergo expensive medical treatment and need cash quickly. Whatever the reasons, this only means that the sellers are desperate to sell their home. So before anyone else would know, youll be the first one to offer. This is one of the advantages of buying first before selling. Since you have already purchased your new home, there is no need to hurry up on selling your old house. You can wait for the best offer to come before selling your home.
Choosing your dream house is considered as an emotional decision rather than analytical and a logical matter. Most people tend to use their emotions when choosing their house. For buyers who are fortunate to have enough money, they buy no matter the price is as long as they desire. They dont mind the money as long as they are happy with the house they purchased.
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