It’s a common predicament: you need to sell your home and at the same time buy and move into another, possibly in another city. Since it’s not likely that you’ll close on both homes on the same day, do you proceed? Buy first or sell first? It’s a classic “chicken or the egg” scenario.
If you sell first, you’re pressured to move, perhaps into temporary quarters. But if you face something like job relocation, there may be little choice. If you buy first, you might be paying two mortgages for some time. But if you can’t afford two payments, you’ll probably have to sell first to qualify for a loan. What a headache.
The best bet is to go ahead and list your home for sale as soon as possible, and start looking at other homes. When your home is under contract, get your loan pre-approval and choose from the houses you’ve already selected as your top three. Then make your offer and make your plans to start moving!
Patricia Dalmazio is a Licensed Associate Real Estate Broker with 20 years of experience in the Real Estate field. If you have any questions, please call her at 516.944.2877 or email: Patricia.Dalmazio@Elliman.com