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Should I sell my current property before buying a new one?
Should I sell my current property before buying a new one? What's the best way of doing this and the best order for selling and buying?
Asked By Steven | Paris, TX | 468 views | Selling | 1 year ago
Answer(2)
John Dean
Engel & Volkers
It really depends if you can finance your new home without selling your current home. Do you want to retain 2 homes and turn one into an investment rental property ?
- 1 year ago
Helpful (1)
Unhelpful (0)
Justin Willmon
Keller Williams Realty
Carlos,
It is ultimately going to depend on your financial situation and your real estate goals. If you are in the position to keep your current property and use it as an investment property and purchase the new one, then that is always an option. If you need to sell your current home before you buy a new home, you will be purchasing "with a contingency". Which essentially means you are saying you will buy the new home, contingent on your old home selling.
My best advice would be to find a trusted real estate agent in the area that can walk you through this process, and find a trusted mortgage lender that can look at your financial situation and give you advice on the best route to achieve your real estate goals. Good luck on the process!
It is ultimately going to depend on your financial situation and your real estate goals. If you are in the position to keep your current property and use it as an investment property and purchase the new one, then that is always an option. If you need to sell your current home before you buy a new home, you will be purchasing "with a contingency". Which essentially means you are saying you will buy the new home, contingent on your old home selling.
My best advice would be to find a trusted real estate agent in the area that can walk you through this process, and find a trusted mortgage lender that can look at your financial situation and give you advice on the best route to achieve your real estate goals. Good luck on the process!
- 1 year ago
- Helpful (1)
- Unhelpful (0)
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