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