While watching the 30+ inches of snow fall last week, I was grateful that I didn’t need to dig my car out, shovel my driveway, shovel the roof, clear snow away from my Air Condition unit, etc…the list goes on. Let me tell you – i’ve never been more grateful to be living in a condo than during the Snowmageddon last week! So if you’ve been thinking lately that it’s time to sell that house and move into something smaller – a condo or townhouse – here’s what you need to consider!
Financing the the purchase: you’ve got 2 options on how to buy your next home. If you don’t need the cash and don’t mind carrying the mortgage for 2 places, just in case it takes longer to sell your home than it takes to find you a new one, we can start looking at new properties while we put your house on the market. We can proceed with each as if it was a separate transaction. You can buy the new house you want, and sell the other whenever it sells!
Now, if you need the cash from selling your house to pay for the new one, we’ll have to do coinciding settlements. You’ll have to sell your house first, and get the proceeds from the sale, and then close on your purchase, so the attorney can apply the proceeds to your new house! We have a couple ways to protect you in either case – we have things called “Subject to Home of Choice” (meaning you can’t sell your house until you find something you want to buy), or “Contingent on Home Sale” (meaning you can’t buy the new house until you sell your current one). They give you extra protection during the process.
If you’re thinking about it, let’s talk. I can help with both sides – buying and selling, and show you how we can get you into something smaller and easier to maintain!