Market is changing. Homes are staying on the market longer while interest rates continue to rise at a slow pace. Here are the current list of condo’s for sale in Chula Vista. Click the link below.
Interested in Single Family Homes for Sale in your Zip Code? Click the link below.
Buy First or Sell First?
There are many decisions to make prior to buying and selling a home. What should you do first? Here is a simple guideline to follow.
1. Speak to a real estate professional and find out what your net gain will be when selling your home. This will help you determine what you might be able to afford when buying your replacement property.
2. You want to speak to a lender to become pre-approved for a loan. Make sure the payments are affordable and you won’t be left financially poor with high mortgage payments.
3. Put your home on the market first before going out to look for a replacement for the reasons listed below.
a. You want to make sure you’re not put in a position of becoming desperate if you find the home of your dreams and are unable to follow through with the purchase. Never let the buyer know you are desperate to sell or your negotiating power will be gone.
b. If you write an offer on the home of your dreams and the seller is unwilling to wait for you to sell your home, you will potentially lose the home. Avoid disappointment by not buying first and then not having an offer on your home. Unless you can afford to make two mortgage payments for a few months while you are still trying to obtain an offer on your home.
4. Do not sell your home without a contingency clause in your contract. Make sure there is a contingency clause written in your contracts when buying and selling a home. It should read something like this: (Selling Side) Acceptance of this offer is subject to seller (You) finding suitable housing and both closing concurrently. Additionally, seller will remain in the home for a total of 3 days past the close of escrow. — This will allow you time to close on your new purchase and have enough time to move, clean and transfer utilities. When buying your next home, contract should read purchase is contingent upon you closing on your home and both closing concurrently.
Closing concurrently and having the contingency clause on the sale and purchase is important so you are not left homeless in the event you sell your home and you don’t have a replacement property.
If you have any questions reach out at anytime. Grace Ontiveros 619-339-6875 or you may email us at email@example.com.