Can I buy a home without selling my home first?
Can I buy a home without selling my home first? Yes, it may be possible to buy a home without selling your home first.
Each individuals financial situation is different. We can put you in contact with a mortgage consultant who will be able to offer you an informed opinion after reviewing your personal information prior to you making an offer on another home without a contingency dealing with the selling of your current home.
In the current market, many home owners are reluctant to start looking for homes to buy until their current home sells. Their reluctance could be due to several factors.
- They may not wish to get their hopes up should they find the perfect home but are uncertain about when their current home will receive an offer.
- They may feel their home, at the listed price, will not be selling anytime soon.
- Or they may simply not understand that they can make an offer that is contingent upon the selling and closing of their current home.
Those sellers who have their home priced correctly should expect to receive an offer within their listing contract period. That being the case, it may be in the seller’s best interest to start looking for a home and negotiating with the owner of the home to arrive at an acceptable offer contingent upon the selling of their home. This could be handled with a first right of refusal contingency clause.
First right refusal contingencies are clauses that most real estate professionals should be familiar with and prepared to use especially in this challenging market. With a first right in place the buyer can now assume their role as a seller and take the steps needed to receive an acceptable offer on their home.
Low interest rates and low inventory are reasons to understand how to make an offer on a home even though your home has not sold.
Give me a call to discuss your situation. 407-304-0255
Home sales increased in May over the same time period last year in DeLand. The MLS reports 70 homes selling during May, 2010 compared to 48 in May, 2009. This is good news for the DeLand real estate market and is no doubt a result of low list prices, low interest rates and the home buyer tax credit that ended on April 30th.
Short sales are being used throughout the country by home owners who are faced with a distressed situation where they are unable to afford their home and because they owe more on their mortgage than the home is worth they are unable to sell the home for enough to pay off the mortgage along with the additional costs involved with selling a home.
What should a DeLand homeowner consider before short selling their home?
- If you would stay in the home if the payments were affordable, contact your lender about a loan modification.
- According to FICO, short selling your home impacts your credit score similar to a foreclosure however a foreclosure increases the time you will have to wait before obtaining a mortgage on another home.
If you are facing a tough situation and would like to talk about the short sale process give me a call. I can refer a top short sale real estate professional to you that will explain the process so that you are able to make an informed decision.
DeLand homeowners who need to sell their home and are upside down on their mortgage may want to consider a short sale. If you are facing a tough situation and would like to learn more about the short sale process contact me. Watson Realty agents have the experience and know how to help homeowners successfully close a short sale transaction.
Sales of residential property increased in June (54) compared to the same time last year (46). The number of sales in DeLand during June was also higher than the reported number of sales during May of 2009 (48). Based on information from MFRMLS for the period June 2008 through June 2009.
Property sales reported in the MLS for time periods of January 1 – April 21, 2009 for DeLand are on pace for the same time period last year. As a matter of fact, records indicate that sales are exactly on pace with 128 sales reported for the same time period in both 2008 & 2009. These reports include single family homes, condos and townhomes sold and closed in DeLand.
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Should I use one real estate agent to view homes for sale in DeLand?
The fact is I can show you any home for sale in DeLand regardless of what real estate company has the home listed. Having one agent keeping an eye out for new listings, homes that have received price reductions or real estate bargains eliminates duplicate results and wasted time.
Plus by only using one agent to show you homes a relationship is developed that allows the agents to better understand your wants and needs which will help to make the home buying process smoother for you.
Contact me today to start viewing all of the homes for sale in DeLand
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Here is a the current home inventory and real estate market report for Victoria Park. If you would like to buy, sell or rent a home in Victoria Park, contact me.
- 107 homes for sale
- 7 townhomes
- 13 homes under contract
- 48 homes sold during 2008
- 4 homes for rent
NOTE: “Based on information from MFRMLS for the period (January 2008 through December 2008).”
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Early numbers indicate that November 2008 DeLand home sales will fall short of the number of sales for the same time last year. Last year in November 54 homes were reported as selling as compared to 35 this year.
NOTE: “Based on information from MFRMLS for the period (November 2007 through November 2008).”