What do I do if I can’t buy a home without selling mine first?

Image result for bottle of chateau lafite and a house

The simple answer? Sell Yours! In this market, where many houses are moving like quicksilver, you not only have all your ducks in a row, but they’d better be quacking the same tune! And that tune is, I’m qualified and ready to buy!

“But what if I don’t find what I’m looking for after I get an offer on my house? I don’t want to be homeless with the van packed and nowhere to go!”

Here’s what you do: After you get an idea of what your home will sell for (with a margin for “fickle market syndrome”) ask your realtor to send you homes in your price bracket with the features and proximity that you’re looking for—before you put your home on the market. This way you can let your “fingers do the walking” to familiarize yourself with the market and get an idea of whether or not what you are looking for actually IS available. I’m not saying that some people’s expectations are unrealistic but when you have $2.99 in your pocket it probably won’t buy you a bottle of 1865 Chateau Lafite – just sayin’!

Once you’ve established that it’s possible to find a home you want, in the area and price range you want, and you’ve spoken with a lender to make sure there will be no issues with your purchasing a home, then you can put your house on the market.

When you make an offer, most sellers will consider accepting your offer on their house—as long as the contract on your house is solid and as long as you’re not offering $2.99 for a bottle of 1865 Chateau Lafite!

A good idea is to discuss with your buyers a longer closing period –say two to three months—to allow you to search for and purchase another home. You can also negotiate a contingency that says you can extend the closing date should you need the time. These are all variables that will change from buyer to buyer.
Next, maybe most people’s least favorite suggestion, but if you have friends or family that would be willing to put you up in the interim between the closing of your current home and your new house, at least in an emergency, it’s good to know that you have a fallback position.

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