Mark Ikeda

Mortgage Consultant

  • Home
  • About
    • About Us
    • Privacy Policy
  • Blog
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Apply Now
  • Read or Write a Review
  • Contact

Moving On Up: Should You Buy Or Sell First?

March 12, 2021 by Mark Ikeda

Moving On Up: Should You Buy Or Sell First?It’s exciting to be able to move into a new home. But there are some tricky details to navigate when you already own a home and you’re ready to buy a new one. Should you buy or sell first? Don’t worry. There are viable solutions.

Should You Sell First?

Think about how selling your home first will impact your family. On the one hand, you’ll be in a better financial position. You’ll have cash in the bank. You may be able to negotiate better terms on your new house by putting more down. However, selling first may mean moving into temporary housing while you find a new house to buy. You might need to store your furnishings. In other words, you may need to move twice.

Should You Buy First?

Buying first gives you more stability. You can stay in your own home until you’re able to move into the new house. When you do move, there won’t be a big rush. You could move over the course of a week or even more. The downside to buying first is that you might be responsible for paying two mortgages for a month or more. There’s no guarantee that your home will sell in a predetermined length of time. And, there’s no guarantee you’ll get the amount of money for your old home that you need to be financially secure.

Viable Solutions No Matter What You Do

Thankfully, there are solutions no matter how you decide. If you sell your home first, you could ask your buyers for a later closing date so that you have time to find a new home. You could even ask them if you can lease your old home on a month-to-month basis so that you have time to buy a new home.

If you buy a new home first, you could get a bridge loan, that helps you pay the second mortgage until you sell your old home. You could also rent out your old home to help offset your mortgage payment.

As you can see, there are ways of making both scenarios work. Whether you decide to buy first or sell first, your real estate agent can help you make it happen.

Filed Under: Mortgage Tips Tagged With: Buy or Sell, Mortgage, New Home

Mark Ikeda

Contact Mark


Mortgage Consultant
VIP Mortgage
CALL (602) 793-1098

Licenses:
National ‑ 213096
State ‑ AZ: LO‑0913899
CA: DBO213096
GET A RATE QUOTE  

Connect with Me!

How can I help?

  • This field is for validation purposes and should be left unchanged.

Browse Articles by Category

The Latest Articles

  • Understanding Mortgage Pre-Approvals and How to Avoid Being Declined for One
  • What’s Ahead For Mortgage Rates This Week – March 20, 2023
  • Is A VA Loan The Best Option For Your Needs?
  • Should You Pay Discount Points When You Get Your Mortgage?
nmlsconsumeraccess.org
AZ LO-0913899 Equal Housing Lender VIP Mortgage, Inc. does business in accordance with Federal Fair Lending Laws. VIP Mortgage NMLS #: 145502 VIP Mortgage BK #: 090974
Equal Housing Lender

Our Location

9221 East Vía de Ventura
Scottsdale, AZ 85258

Copyright © 2023 · Powered by MySMARTblog