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JOELLEN WRIGHT

Sales Representative
2016-2018 President's Gold Award
Mobile:(519) 878-3337

London North

1673 Richmond Street,
London ON
N6G2N3
CA

Buy First then Sell or Vice Versa

You own a house now, but you want to move to a bigger place or a different neighborhood. Should you sell your current home before you buy your next, or should you buy first, then sell your existing one? Though this is a very common question, there is no "right" answer. The answer depends on a number of things.

Buying a Home First
Human nature being what it is, once the decision to move is made, people usually put a great deal of effort into finding that perfect home - sometimes without giving much thought to selling their current one. If, for a fleeting moment, they do consider whether to sell first, they figure they won't have trouble finding someone eager to buy their charming home, so they once again focus on buying. Then, once their offer on a house has been accepted, their attention shifts to selling their current home. At this point, however, they may begin feeling that the clock is ticking because usually they need to sell before they can remove the First Refusal Conditions (a condition allowing for the Buyer to sell their home first) in their Agreement of Purchase and Sale. During this conditional time period, the home they so dearly love is still being offered for sale and if another buyer comes along they may lose their option on their dream home, unless of course they are able to afford two homes at the same time. Fearing that time is running out may sometimes become overwhelming.

Selling Your Home First
Advantage
:Selling your existing home before buying another has its advantages. By selling first you know how much money you'll be getting on closing, which helps you establish a price range for the new home. Also, if you've already sold you don't have to make your offer conditional on selling your existing home.

Disadvantage:The down-side is that you may not be able to find a satisfactory replacement before the closing on your current home, which means you may need to find someplace to live temporarily. Or, you may be tempted to settle for something that isn't quite what you want.

Your Comfort Level
The bottom line is that whether you buy first or sell first is a personal decision. There are a number of factors that might influence your decision, but there is no right or wrong decision. And, you can always hedge your bet by making the offer with a condition providing for "Selling Your Home First". If you decide to make such an offer, consider getting legal advice to ensure it's phrased properly. As well, if someone makes a conditional offer to buy your home, it's a good idea to legal advice so that you understand what you're getting into and how you might best protect your interests.

All information is deemed reliable but is not guaranteed accurate by LSTAR. (ie. The data relating to real estate on this web site comes in part from the Internet Data Exchange (IDX) program of the London and St. Thomas Association of REALTORS®. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.)

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.


Royal LePage Triland Realty, Real Estate Brokerage
1673 Richmond Street
London ON  N6G2N3
(519) 661-0380
Real Estate License # 2455579