Kimberly Wingfield: Philly Real Estate Agent
Kimberly Wingfield

Should I Sell My Current House Before Buying A New One?

In short, purchasing a new house before you’ve sold your current residence can be extremely nerve-wracking, as the potential scenario of being on the hook for two mortgage payments at once is enough to stress out even the calmest client. However, it should be noted that making any offers on a new property contingent on the sale of your current one can weaken your negotiating position/offer strength considerably – and carries the potential for a whole lot of headaches for everyone involved.

Above all, make sure that you have retained the services of a reputable real estate agent who knows your area well when it comes to listing your current home for sale. If your home is priced realistically and marketed aggressively, you should easily be able to unload one property before anything cataclysmic happens. However, we’ve all heard the old saw about best laid plans, so it behooves you greatly to have a backup plan in place should you find yourself with two mortgages for a period of time: 

  • If the new buyers have a strict move-in date that doesn’t allow you to rent back your current abode until you have reached settlement on your next home, look into short-term housing options. Craigslist can be a great source for stopgap housing, and searching for both the name of your new city and the term “corporate housing” in Google can often yield promising results, as well. Make sure that you survey these options before listing your current home – you should have an idea of how quickly you might be able to secure this type of housing if you find yourself in a bind.
  • A bridge loan is something you should look into when buying a new home when your current one hasn’t yet found a buyer. These loans can offer you the liquid cash you need to meet both mortgage obligations while you focus on getting your old home under contract. As with the short-term housing options noted above, make sure that you note the possibility of a bridge loan as soon as possible with any lenders you may wish to use in this process for best results. 
  • Look into a potential month to month rental situation instead of an immediate purchase. If you’re moving to a new city far away and can’t easily see any houses in person, this can be one of the least onerous options. Never buy a house sight-unseen if you can possibly help it!

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About Kimberly Wingfield

Picture of Kimberly Wingfield

Kimberly Wingfield

Real Estate Agent

267-530-5641267-530-5641 main

Virtual Realty Group

1418 Robinson Rd, Havertown, PA 19083


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