Princeton Town Topics – Let’s Talk Real Estate – July 19, 2017
STRIKING A BALANCE: BUYING AND SELLING AT THE SAME TIME
In an ideal world, your old home would be sold at exactly the same moment as you take possession of your new home. In the real world, that’s rarely the case. Here’s how to negotiate the buying-and-selling process to minimize bumps and to avoid holding two mortgages at the same time:
- Price it right. Not only do you not want to hold two mortgages for a long period of time, but you also don’t want to have your home sit on the market for too long – and miss out on eager buyers. Make sure your home is really priced to sell.
- Be willing to deal. You want to sell your home fast, so this is not the time to fret over small details. Know your absolute bottom line and be willing to accept it.
- Accept the consequences. Buying first means two mortgages. Can you handle that financially? Selling first means you may have to rent temporarily and store some (or all) of your stuff. Be prepared no matter which option you choose.
Most importantly, rely on your agent. You’re certainly not the first person to negotiate the buy-sell two-step. Let your agent take the lead and help you find the strategy that works for you.