Purchasing a home before you sell could be a risky strategy if you're counting on the proceeds from the sale. If you've found a home before you've sold your current one, use the sale of your existing home as a condition on your offer. If you don't sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, can be a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power.
If you've found a purchaser before you've found your next home, use "purchase of a new home" as a condition when you sign back the agreement. Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a "sold house" you will be in a better position to negotiate price.
So how do you manage?
Do your homework and have a good idea about the neighbourhood and type of home you're looking for. Do an honest evaluation of your family's needs and budget. Then speak to your sales representative and only start your new home search as soon as your existing home hits the market.
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