The Strategy of Selling First, Then Buying

1. Are You Buying a House or a Home?
2. Buying a Home With Resale Value
3. Why Buying a Home is a Good Idea
4. Why Search for a Realtor, Anyway?
5. Pre-Approved Verses Pre-Qualified Loans
6. The Strategy of Selling First, Then Buying
7. Determining Your Offer Price
8. How Property Condition Affects Your Offer
9. How Market Conditions Affect Your Offer Price
10. Contingencies in an offer to Purchase Real Estate
11. 1031 tax-free exchange


The Strategy of Selling First, Then Buying
What comes first, selling your existing home, or buying your next home?
When you make an offer on your next home with an contingency of selling your present home first, the offer is not nearly as strong as one without the contingency.
Consider the position of the seller: they want the best and most secure offer. If another offer does not have this contingency, which offer would you prefer? So, it is reasonable to speculate that the seller would consider the offer with the contingency as long as the offer is FULL asking price. You may very well be paying more than an accepted lower offer, and placed yourself in a position to sell your existing home in a hurry. This position may lead you to accept a lower offer because of your offer on the home you will be buying.
The bottom line is by buying a new home before selling your existing home may cost you thousands of dollars.