How Does It Work to Buy before Selling?
To buy a home before selling is just about every home buyers dream, as long as they have the funds to cover both mortgages. So you are not alone by wanting to buy before selling. Here are a few things to consider...
1. Talk With A Lender
I know that seems like the answers to most of the questions we ask, but for real, you need to know your full picture. So to use an example. You find the home of your dreams and want to buy it, and buy it fast, before others jump on it. You go under contract, you start inspections and you finally get around to talk to a lender AND... they tell you your debt to income ratio is too high and you won't be approved. Want to talk about "bummer-ville". Not only will you be bummed, you're gonna be embarrassed too. So save yourself the embarrassment, and talk to a lender to make sure it will go smoothly.
2. Reasons To Buy Before Selling
- You don't have to make your bed. People won't be coming through your home while you're living there. This is awesome if you animals, kids or husbands like me!
- You get to move at your pace. No need to pull all nighters packing in boxes, be methodical and make the move pleasurable.
- You can take your time and make any improvements or upgrades to the new house without being rushed. Moving in a home when painters are still painting is no bueno. Get your home the way you want it, then move in with that "new house smell".
If you have the ability to buy without selling, I always recommend doing so. However, there are ways to buy a home while trying to sell your home, and be successful at it. It's not with out it's frustrations, but it can be done, and we can do it. Want to know more about that process?