Fear is a normal response to the unknown. It’s human nature. However, nothing worthwhile is ever easy, and there is a powerful way to tap down the fear….it’s knowledge. Knowledge and education is the antidote to fear and uncertainty. This is what I want to talk about this morning.
Our market is lacking inventory, making it a seller’s market. One of the reasons for this is that people are AFRAID to list their house because they are nervous there won’t be one for them to buy.
Let’s talk about the facts:
1. In a multiple offer situation an offer with a home sale contingency is not as attractive to sellers as one without it.
2. There are programs available that let you buy BEFORE you sell, thereby removing the lion’s share of the risk and giving you what you need for a down payment without the proceeds from your current house.
3. Lots of people can actually buy their next house without selling the first one until later. So let’s talk about the timing. You buy a house with no home sale contingency, and choose a 60 day closing period. Once you close you don’t have a mortgage payment for 2 months. So really if you buy before you sell it can be structured easily so that you actually have a built in 4 MONTH grace period to get your first home sold without ever having double mortgage payments.
4. You can buy a house with 3% down and asking seller to cover some closing costs, and then refinance later once you get the proceeds from first house. There’s no need to think you can’t do it just because you won’t have a huge sum from your proceeds. You can even borrow from your 401K without penalty!
5. If you have kids or pets imagine how much easier (logistically wise) it will be to sell your house if you’ve already moved out and into the new home.
6. Just because you put your house on the market doesn’t mean you HAVE to accept an offer. You could even find a buyer who is willing to have a very delayed closing!
7. It doesn’t happen often, but with houses in high demand, you can actually make accepting an offer contingent on YOU finding your new house. If someone wants your house enough they’ll give you the time you need to secure a new home.
8. Inaction won’t help your anxiety about the process! Learn. Ask! I’m always happy to sit down with anyone and discuss options and scenarios.
9. Talk to a mortgage broker! KNOWLEDGE is POWER. You can’t make a decision without facts. So start out with finding out IF you can buy before you sell. Only a mortgage person can tell you that and not all of them offer buy before you sell programs. ASK ME.
10. GAME PLAN: Call or message me at 412-818-4734 or email wendyweaver@howardhanna.com and set up an appt with me to come over for a casual visit so that I can see your house. At this meeting I can tell you how salable your house is, and we can discuss what you want in a new house so that I can tell you how difficult or easy it will be to find. Those two pieces of info along with info from a mortgage professional will be facts you need to MAKE A DECISION and stop the torture of trying to figure out what to do.
The Girl, the Homes, the Stories 