What About a Contingency Offer? Sell First, Then Buy!
If you have a house you have to sell before you can purchase, wait till you get a contract on it before selecting a house to buy! Most sellers will not accept contingency contracts. And even if you find one who will, contingency offers aren't nearly as strong as one that comes in from a ready, able buyer. Consider this scenario: You've found the perfect house - now you have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The seller figures that this is a risky deal, since he might pass up a buyer who DOESN'T have to sell a house while he's waiting for you. So he says OK, he'll do the contingency but it has to be a full price offer! You have now paid more for the house than you might have because of the contingency, and you have to sell your existing house in a hurry, otherwise you lose the house! So to sell quickly you might take an offer that's lower than if you didn't have that pressure. The bottom line is that shopping for a home before selling might cost you THOUSANDS of dollars.
In addition, a contingency contract binds you to the seller but does not bind the seller to you, as your contract can be most often be bumped when another offer is presented. This puts you and your family on an "emotional roller coaster" as you are trying to sell your current home before someone else comes in and buys your new home.
However, if you wait to shop for your new home until your home is "under contract," then the new home contract can be binding on both you and the seller while still being fully contingent upon your original home closing.
If you're concerned that there is not a house on the market for you, then go on a window-shopping trip. You can identify possible houses and locations without falling in love with a specific house. If you feel confident after that, then put your house on the market.
Here are some other informational reports that you may find useful.
Buyer's Representation at No Cost to You!
A Few Points About Interest Rates
Credit Tips That May Lower Your Interest Rates
Getting Your Finances In Order
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