If you need to move from Anchorage to Wasilla, or from Wasilla to Anchorage, you face a catch-22 situation. You need to sell your current?home before you can buy the other one.
You basically have three options.
- 1. You can sell your home and move into a rental while you look for your next home.? This option entails a double move.? You need to move into your rental after you sell your home and then you will move into your new home when you eventually find it.? But?this is the best choice if you are easily frazzled.? You will avoid all the hair-raising scenarios in the next two options.? And, you will most likely be able to sell your home for more money and buy the next home for less. You will sell your home for more because you won?t be pressured to accept any old offer that comes in.? You can wait until an acceptable offer arrives and negotiate without any time constraints.? Then when you go to purchase your new home you will be a very strong buyer who can negotiate for a lower price.? You will have the cash from the sale of your home, you won?t have the contingency of selling your home, and you won?t be under pressure to move because you are in a rental.
- 2. You can put your home on the market, and when you finally get a buyer under contract you can go out and find your next home as quickly as possible.? This has the advantage of knowing that you have a sale on your home.? In addition, your offer on the purchased home will be stronger because you will be able to show them an accepted contract and closing date.? A stronger offer means you can negotiate a lower sales price.? The BIG downer to this is that you are under extreme pressure to find a home to purchase if you want to avoid the double move of option one. So you may settle for less of a home than you wanted and you may pay more for it to boot.
- 3. You can take the scariest?and most common option.? You can put your home on the market, and then go shopping for a new one.? You can go into contract on the next home contingent on the sale of your present one.? Then you go back and spruce up your current home, lower the price, hold open houses, and practically beg your realtor to get your house sold.?? You will most likely have to pay through the nose for your next home because sellers generally don?t like contingent offers unless they are VERY attractive.? You will have to get your house sold in a hurry so that you can meet the contract date of the newer home.?
There are so many nightmare scenarios in option three that I could write a book about them, in fact, that?s a good idea!? I think I?ve seen most of them by now.? I expect to see the seller/buyer break down and cry, or throw a fit of rage at some time in the transaction.? You pay more in cold hard cash and in frayed nerves by taking this option.? But?most people go this way because they want to find the right house before they sell their own, and they want to avoid the double move.? I say, think again.
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