Buy First or Sell First? Part I

There are a few fortunate souls who enjoy owning more than one home. For most of us, however, the thought of making two mortgage payments makes our hearts skip a beat or two. If you're thinking of selling one home and buying another, consider all the options before taking the first step. Let's focus on selling first to avoid the two-home bind.

Sell your current home first. You'll strengthen your negotiating position as a seller if you are willing to sell your current home outright--even if you have not located a replacement property. You will also strengthen your position as a future buyer of another property if you do not have a home to sell. The down side? You may need a short-term rental.

List your current home contingent upon finding a replacement home. This means you're willing to sell your current home only if you can arrange to purchase another home. Once you've received an offer on your current property, you'll probably have a relatively short time in which to locate a new home. If you feel you'll need a little more time, negotiate this before accepting the offer. Then, go shopping for your new home! With professional real estate assistance, you'll soon find just the right house you'd love to call "home."

In "Buy First or Sell First? Part II," I will discuss the flip side: buying before selling. Questions? Call me and we'll find the option that will work best for you.