How would you feel if you owned two homes, with two sets of monthly mortgage payments, two sets of taxes and insurance, and the responsibility for the maintenance on both?
When you’re ready to buy your next home, it could happen. Let’s take a look at why. More often than not, buyers begin looking at prospective new homes before they have sold their existing home. When they find a home that suits their needs, a potentially painful dilemma may arise. How do they make a commitment to purchase the second home when they have not yet sold the first one?
One common solution is to sign an agreement to purchase the second home that is made contingent upon the sale of their existing home. In other words, if the first home doesn’t sell, the buyers have no obligation to complete the purchase of the second one.
You can make the most of this situation by remembering one very important concept: work exclusively with the same real estate professional on both homes. Here’s why. When you decide on which new home you plan to buy, your agent will help structure the purchase, taking into account your existing home.
By letting the same agent market your present home, both purchase and sale can be coordinated to your benefit, resulting in deep satisfaction rather than a deep dilemma.
Categories: Bennington VT, Selling