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Should I Sell My Home First
Question: Should I sell my home first or wait until I have bought another
home? Answer: This is a tough decision, but the answer will depend on your
personal situation, as well as the condition of the local housing market. If you
put your home on the market first, you may have to scramble to find another one
before settlement, which could cause you to buy a home that does not meet all
your requirements. If you cannot find another home, you may need to move twice,
temporarily staying with relatives or in a hotel. On the other hand, if you make
an offer to buy first, you may be tempted to sell your existing home quickly,
even at a lower price. The advantage of buying first is you can shop carefully
for the right home and feel comfortable with your decision before putting the
existing home on the market. On the flip side, the advantage of selling your
existing home first is that it maximizes your negotiating position because you
are under no pressure to sell quickly. It also eliminates the need to carry two
mortgages at once. Talk with your agent for advice. Discuss the pros and of each
and whether certain contingencies written into the contract can ease some of the
pressures.
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