In a perfect world, all houses sell in record time. If this where the case, then everyone who was trying to sell their home would do so at the exact moment they closed on a new one.
Ideal scenarios like the ones above are not what reality is made of, particularly right now when the economy has set it up to be a buyers market. There are often too many houses on the market in comparison to buyers, and the price you are asking might be too high. This creates a problem, in terms of what happens in the event you find a new home to buy but have not yet sold your current property.
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There are many things to think about when it comes to this scenario. The most blatant choice is not to purchase a new house until your own house sells, of course. If the market is slow on your end, it likely might be similar for the seller of your potential new house, as well. This is a gamble, of course, but if you are not financially capable of handling two mortgages, it is a good option to think about.
Dependent on your finances entirely is another option. If you choose to put an offer on another home while yours is still on the market, you might have to pay both mortgages at once. Home offers contingent on the sale of your existing home do exist, but you need to be careful, as many sellers will not agree to them, consequently rejecting your offer on principle. If you`re confident you have the finances and will continue to be able to make regular payments, this is an option you might want to consider.
You can also look into a rental situation on your current residence while you wait for it to sell and make an offer on the home you want to move to. A tenant will pay your mortgage, making it possible for you to afford the mortgage on your new house. You also have to manage being a landlord, which is a prospect that may not be as simple as it sounds. And you could be left in a worse situation than you were in when you first began if your tenants wind up not paying or damaging your property. Before committing to any single option in particular, however, all of these are options that should be considered thoroughly.
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