In the perfect world every homeowner looking to sell their house and purchase a new Saratoga house would have perfectly timed real estate transactions. They would be able to find their perfect dream house to move into at the exact same time that they were selling and moving out of their old house. However, this isn’t a perfect world, and rarely do selling and buying a new Saratoga house work that smoothly.
Sellers are usually left with a few options: move into temporary housing while looking for their dream house, placing a contingent offer on the dream house while waiting for a sale and risk losing the new house or purchase the new Saratoga house while still owning the old one.
It might cause you a lot of anxiety to think about owning two houses at once, but here are several examples of when this might be your best option:
If you are the type of person that likes to have a plan and work the plan you might not like the idea of the unexpected that lies ahead in your Saratoga real estate transactions. If you need to know where you are going before you are comfortable accepting an offer on your house without having a new house to live in, it might be your best option to purchase your new house first.
If you are looking for your dream home you don’t want to be rushed to do it when you are pushing a tight deadline to move out of your old house. Begin looking while still trying to sell your house and don’t be afraid to take action when you find it. If you find your perfect Saratoga house you will not want to risk losing it while waiting to sell your current home.
If you have good credit you may be able to receive a bridge loan. This type of loan allows a seller to borrow the funds that they need to make a down payment on the new house they want to buy.
If you hate the thought of moving you probably don’t want to do it twice. If you are forced to move from your old house before purchasing a new one you will have to make multiple moves. Not only will it be a headache to find a temporary location but you will be forced to move your belongings a few times.
While most Saratoga sellers are not going to want to accept an offer that is based on you being able to sell your existing home, it is still an option. If you find a house you love you can place an offer that will only remain good if you are able to sell your home.
There are certain times when it will make sense for you to jump right in and purchase your next home while owning the current one. If you decide to go this route make sure you understand and are familiar with the expense of it and that you can afford it. Don’t risk losing the Saratoga house you want because you haven’t yet sold the house you don’t want.