SELLING AND BUYING? KNOW YOUR OPTIONS
Sometimes the house that once seemed perfect is no longer a great fit – and you decide to sell it and find another home. This is the time to think about which buying and selling option would work best for you.
Timing, price, location and inventory can all affect your home search. Your REALTOR® is a valuable resource as you evaluate the costs, benefits and other variables to find the option that best fits your needs and timeline.
Options and Opportunities
Sell first - buy later
This is a great option if you want to take your time finding a new home. Selling first gives you a clear idea of how much home you can afford. It increases your leverage by eliminating the contingency to sell your house before you close on another. Most important, selling first takes the urgency out of your search, allowing the time you need to find that “just-right” home. Selling first means you must find a temporary place to live while you look for a new home.
Sell and buy – at the same time.
It happens every day. Homeowners sell one house and make an offer on another ̶ with the goal of having both transactions close on the same day. It can feel like a crazy dance, but your experienced REALTOR® will guide you through the closing process on both transactions without missing a step. Your Edina agent knows how to smooth your transition from one home to another.
Buy first – sell later.
This is an attractive option for buyers who can afford to make two mortgage payments for a short time. It allows you to buy, update or remodel a new home while still living in your current one. You put your current house on the market only after you are living in your new home. Be sure to check with your banker to ensure pre-approval of your mortgage without selling your current home.