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Tip:
Do you know the best way to
go about selling a home and buying a new one so that you won’t
get stuck owning two homes?
 When ever
possible it's best, to put your home on the market first
allowing enough lead time for yourself so that you won’t get caught
having to own two homes. In the event you sell your old home before you
buy a new one, you have the following options:
- Negotiate
with the buyer for a mutually convenient closing date
that will allow you more house-hunting time.
- If an
earlier closing date is unavoidable, you may be able to
close the deal, then rent your home back from your buyer until you
find a new home.
- If
the buyer must move in before you find a new home,
consider renting a home in the area where you’re house-hunting.
On the
other hand, if you must buy a new home before you sell your old
one, one of these methods may be of help:
- If the
seller of the home you want to buy is agreeable, you might
be able to make your purchase contingent on selling your old
home within a specified time. Under these not-so-ideal
circumstances, the seller will usually agree only if his home
is kept on the market while waiting for yours to sell.
Should the seller receive another offer during this time, you may be given the opportunity to firm
up your offer or bow out.
- If you
have a (firm) accepted Agreement of Purchase and Sale on your old home, but the
closing
date of your new home is sooner than that of your old home you may be able to
arrange a bridge
loan, using the future sales proceeds from your old home as
security.
- In the
event of a job transfer, you may be eligible to receive relocation assistance, which will
normally cover the costs of selling your old
home and buying a new one. (This type of service depends on
the arrangements your employer has with the Relocation
Company). If your employer has no relocation program, it may still assist you
with some of the financial aspects of your move.
Every selling
and buying situation is unique. If you are uncertain about
which steps to take, let’s talk things over. Our experience
can help you decide what to do, when and how. Give us a call, we
can help.
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