Timing is everything when entering the real estate market. Trying to coordinate the Selling of your current home with Buying a new home can be incredibly stressful, both financially and emotionally. But, help is here! If you are looking to enter the Fox River Valley real estate market, here are 7 timing options for selling and buying your home.

 

The 1st timing option is Selling Then Buying. This is the most commonly used option due to the financial stability it offers. When you sell your home first, you avoid having two mortgages and have additional resources to use towards the cost of a new home.

 

The 2nd timing option is Buying Then Selling. This option offers the convenience of time. If you can afford having two mortgages at once, buying first and then selling allows you to make improvements to your new home before moving in and making updates/repairs to your old home before listing. Only choose this option if you can truly afford the costs of two homes at once.

 

The 3rd timing option is Buying & Selling At Same Time. This option is also commonly found in the real estate market. It makes sense to list your current home while searching for a new one but you are putting yourself at the mercy of others. Since the timing is completely dependent on buyers for your home and the seller of the home you want to buy it is very important that you work with a realtor during this time to help ensure timing success for you.

 

The 4th option is Selling on Contingency. You should only use this option when none of the other ones have worked for you. Selling on contingency means that there is a contingency clause on your current home that states you will sell it ONCE suitable housing has been found by you. This has the potential to turn buyers away since most want to move in as soon as possible.

 

The 5th option is Buying On Contingency. This option is the reverse of the previous one. It allows the buyer to add a contingency clause that they will purchase the new home once they sell theirs. Few sellers are willing to wait for buyers so this option is not commonly used.

 

The 6th option is Right of First Refusal. A Right of First Refusal (ROFR) allows a particular buyer to submit an offer before all other buyers. This option is only available to buyers that clearly have their finances, including preapproval for a mortgage, in order. Since the limited offers could mean less money for the seller, you will not see this timing option very often.

 

The 7th and final option is Renting. Instead of selling your current home, you always have the option to rent it out. This rental income will cover your current mortgage, freeing you up to buy a new home. Only select this option if you have a reliable tenant that you can trust.

 


 

Work with The Rullo Team to determine the right timing option. Give us a call today at (630) 513-1771 or visit our website at https://www.therulloteam.com/.