Find Your Home!

Friday, January 29, 2016

Should You Buy New Home First, Then Sell Old Home? It Depends...

I recently met with a potential home buyer who wanted to find their new home first and then sell their current home.

When circumstances allow one to find their new property first it makes the process a bit more manageable, for sure.

But in this case the buyer's ability to pull this off was severely restricted.... more specifically, a catch 22 situation.

With a fixed income, as well as limited available funds, the buyer lacked the ability to qualify for a new mortgage or a bridge loan

Trying to budget for a new home would be a bit "crystal ball-ish".

Would a seller accept an offer based on the future sale of a current home?    While there was a time when such contingencies were in play it is different now.

The current Brevard County, Florida residential real estate market is booming.  With prices rising steadily, limited inventory and competition among buyers, it is unlikely a seller would tie up their sale with so many unknowns.

For the time being the buyer (potential seller) and I have parted ways as they ponder options.  When the decision is made (to sell their Viera, Florida home) we will move forward.

My recommendation...
If you need proceeds to proceed then you better proceed (with selling)! 
Ready to sell your Viera home? Call or text me at 321-693-3850 for your market analysis.  Ready to buy a home in Viera, Florida?  I want to assist you as well.

Follow by Email