As an active Real Estate agent in the Albany/Capital Region Real Estate Market, the most challenging scenario I face with most of my clients is the process of buying (a new home) while juggling the sale of a current home. This is a two part blog on this process and a guide for home owners who need to move whether its for relocation, a move up or downsizing.
Ideally when faced with the task of moving/selling simultaneously, you would buy a new home, move, and then when all the dust settles, deal with the selling of your current home. But for most people, that’s not realistic. Most people depend on the equity in their current home for a new down payment and also are not qualified to carry multiple mortgages. Therefore, the need to sell their existing home prior to purchasing a new home is a harsh reality.
In assisting you, my objective is to make this as seamless as possible. The strategy is never the same and the options are situation based. I will work with you to choose the best plan of action. A few of the common questions I often receive are:
Should we start looking prior to your house hitting the market?
Can we list our house after we find one?
How will I know how much i will have for a down payment and how much will my home sell for?
Once our house sells, how do we line up the closings on the same day?
There are financial and emotional benefits to handling each of these scenarios. Specifically, if you should list and sell your home prior to finding a new home vs. looking for a new home, prior to your home hitting the market (or receiving a contract). In part II of this blog, I will review the pro's and con's regarding the listing of your home prior to looking for a new home.