subject: Planning To Sell Your House And Relocate? [print this page] When people move up, they sell their current home in order to buy another home. This could be a tricky point in their life as home owners because one needs to be freed of one property (and all financial obligations that come with it) in order to properly take on the responsibility of paying for a new home. The last thing you want to do is get stuck with paying two mortgages and a house that you can't sell. Here are a few things you can do to help make the process of moving up easier.
Is it a buyers' market or a sellers' market? Looking at a buyers' market may initially prompt you to buy a new home since the properties you're looking at may be cheaper than usual. Check how many homes have gone for sale in your area, see how long they sat in the market before they got sold, check the list price and the sale price to see the difference between the figures. For example, if you live in Mission Viejo and you want to buy Mission Viejo Real Estate, it makes sense to not just focus on finding Mission Viejo Homes for Sale, but also that you know the temperature of the market both in the place where you want to move and the place where your property is located.
There will be times when you can't seamlessly move out of your house in order to move into a new one. During these times, you can either spend money to rent a place briefly, or you can source funds in order to move into your new house even if the sale of your old home is not complete yet. You can source funds through borrowing from family members, with the promise that you'll pay them back when you get the money from selling your old house. You can also apply for a bridge loan, which (as the name implies), bridges the gap of time between selling a home and buying a new one. This, however, could be more costly than other types of loans, and it's harder to qualify for it.
Of course you shouldn't wait until you sell your house before you go out and find a house to buy. Ideally, you should also be looking at places to move into while trying to get your house sold. However, if you find a house that you like and you still haven't sold your house, how do you get the buying process moving without getting into a financial bungle? The best thing to do is to create a contingency in a buyer's contract which says you will only be able to push through with the sale once you are able to sell your current home.
