Buy or sell first ?
Often it can be difficult to decide what do do first. If you sell first,
you may find yourself under a tight deadline to find another property or
be forced to seek temporary accommodation. If you buy first, you can end
up with two mortgage payments. Your financial institution may like to see
your original home sold before pre-qualifying you for a new loan.
Your decision can also be influenced by the
buyer's
or sellers market In a buyer's market, many people prefer to sell first
to limit their risk. In a seller's market, many consider buying first.
Sometimes you may want to sell quickly, because of personal reasons. But
selling first isn't always the perfect solution. You may face being forced
out of your property before you have a new home available.
A classic real estate "chicken or the egg" question or Catch 22
situation
According to Amit, a parallel path is a good compromise.
Even before you think of selling your current
Mississauga home/condo, call Amit and discuss your
home's market value, mortgage information and other costs associated with
sale.
Amit will help you calculate approximate net proceeds from the
sale of your property, i.e.; cash in your pocket after deducting all
expenses.
With Amit, you can start to look at homes to educate yourself
about the current market, with emphasis on selling your property first.
Many other real estate specialists
also strongly recommend that you sell first. This way, you can have an
accepted offer on your current property before you make a bid on your new
home.
And when it is time to make an offer on your dream home, you will
not need to worry about losing it to another buyer, because you will be
making a firm offer, and not one that is conditional upon the sale of your current
property.
Banks also offer 'bridge financing' only if your current home
has sold firm and in the event that the closing dates for your
purchase and sale are not the same.
Having said the above, there are still many sellers who feel
comfortable to buy first. These buyers are in no hurry and do not
mind carrying two mortgages for a few months, if necessary. These
type of sellers don't want to compromise upon choosing any home in
the market. Amit has experience in working with such clients and he
can discuss his time saving strategies, which can help you buy first
and sell later.
Working with Amit will
definitely lower your stress level when it comes to buying and
selling home in Mississauga. Amit promises that the sale of your
property will become a productive and financially rewarding experience.
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