Thinking of Selling Your Calgary Home?
Do I Buy first then sell? Or Sell then Buy?
There are three options to look at and choose.
Sellers need to think very carefull about the option they choose.
Option 1: Low Risk: Sell Your Home First then Buy Your Next Home
This option is the safe financial approach for most clients. Put your property on the market and wait for a firm sale, i.e. when all conditions have been removed. Ensure you have a 2 to 3 month possession date so you have time to find a new property.
This ensures you know what funds are coming from the sale of your home.
The sold price is fixed and you can make an offer on a home with confidence.
You only need to have two basic conditions when buying with Option 1:
1) Homes Inspection
2) Finance Condition
Sellers do not like a Sale of Buyers Home Condition and Option 1 does not require this condition.
Option 1 allows you to make an Offer that is more aggressive and the seller will more likely negotiate with you.
Option 2: High Risk: Buy Your Next Home and List your Home
If you have funds beyond your present home this option works.
However if the funds for the home you are buying come from your present home then this is high risk.
Option 3: High Risk: Make an Offer on your next home that is conditional upon sale of your home. Can cost you money and frustration! No Deal!
This can be costly since the seller will not generally drop price of home a significant amount. The deal does not usually go through due to sale of your home not completing on time. The seller may not even look at your offer due to this condition, especially in competing bids.
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