Can I Buy a House Before I Sell Mine?

Can I Buy a House Before I Sell Mine?

You found the house.

There's only one problem.

You still own the one you're living in.

So now you're asking:

“Can I buy this one before I sell mine?”

Possibly.

My next question is more important:

Does doing that make financial sense for you?

START WITH THE MONEY, NOT THE HOUSE

Before we write an offer, I want your lender involved.

Can you qualify while carrying both homes?

Where is your down payment coming from?

Do you need the equity from your current home?

How comfortable are you carrying two payments if your current home
takes longer to sell?

That's where we start.

BUYING FIRST HAS ONE BIG ADVANTAGE

You don't have to sell your current home and then scramble to find
somewhere to go.

You can buy the right house, move, and prepare the old house for sale
without living through showings.

That's attractive.

But convenience has a price if you're carrying two mortgages,
utilities, insurance and maintenance.

I'm not going to pretend that part doesn't matter.

SELLING FIRST CAN MAKE THE NUMBERS CLEANER

Selling first can free up your equity and remove the existing mortgage
from the equation.

Financially, that may put you in a stronger position.

But now we need to solve the housing gap.

Can we negotiate a post-possession arrangement?

Do you have somewhere temporary to stay?

Would a short-term rental work?

The best financial answer isn't always the easiest lifestyle answer.

JILL’S INSIDER TIP

Before you fall in love with the next house, find out what your
current house is realistically worth.

Not the number you hope it sells for.

I want to know your likely proceeds and how long homes like yours are
taking to sell.

Then your lender can show us what buying first would look like.

Now we have choices instead of guesses.

JILL’S FINAL TAKE

Yes, some people can buy before they sell.

That doesn't mean everybody should.

Maybe buying first gives you the flexibility you need.

Maybe selling first puts you in a much stronger financial position.

Maybe the numbers tell us to wait.

What does this move need to accomplish for you?

That's the question I care about.

Thinking about moving but don't know which house needs to sell first?
Let's look at the numbers before you start packing.

602-513-6209
JillHamilton.com
Jill Hamilton, REALTOR®
Buy Sell With Jill | West USA Realty