Do you want to buy and sell at the same time? Do you have questions?
What if my house sells too fast? What if my house doesn’t sell? What if I fall in love with a house and can’t buy it yet?
There are a few ways to go about this… It’s not always perfect, but our team will work with you to make this as stress-free as possible.
1) Find the perfect house… sell later.
This option is great if you have a lot of money. You find the house of your dreams, buy it, and then sell your other house later. This gives you time to move out, or do what you need to do to the new house. The problem with this is that not many people have enough cash to do this.
2) Find the perfect house… keep your current house as a rental.
you may be able to get approved by keeping your current house as a rental. Your mortgage specialist can give you some numbers about what your house could rent for, and then when the time comes, you move into your new house. You can still sell the old one though, but if it doesn’t sell, you can go use the rental route. Unless your Lethbridge home is less than $350,000, it usually doesn’t make financial sense to have it as a rental though.
3) Make an offer subject to the sale of your house
You find a house, and make an offer on it with conditions, and in the offer, you ask for a certain amount of time to sell your house. There is usually a clause put on the house that gives the seller of your dream home to continue to market their house. If the seller gets another offer before you have sold your house, then the seller has the opportunity to accept that second offer, (they will usually give you 24-72 hours to remove all of your conditions, financing, inspection, and home sale). If you go with this route, make sure to work with your REALTOR so that you don’t sell your house, and end up with no house on the other end. This option can be a bit tricky, as not all sellers are willing to negotiate a sale subject to the sale of another house.
4) Sell your house… start looking as soon as you get an offer on your house
This is the option we see the most… it is the easiest to do financially and makes the paperwork a bit easier. This option works well if you are searching for a new house and have lots of options. Your negotiating power will be stronger when you are buying if you already have an accepted offer on your house.
5) Sell your house and rent while you look for the perfect place (or move in with family)
We have a few clients who want to sell their house and take their time looking. They don’t necessarily want to rent but know that what they are looking for is hard to find. For example, the perfect acreage only comes up once in a while, and if you are looking for one, you may want to have your house already sold, so that you can jump on the perfect acreage when it comes up with a strong offer. We also have some clients who sell, and move into their own rental while they look for the perfect place.
Whatever route you decide, (there are probably a few that are not written down here), team viewlethbridge.com is here to help you alleviate the stress, answer all your questions, and give you a smooth transition into the home of your dreams.