Buyers who are moving up or downsizing often have a dilemma. They cant decide whether to put their home on the market first, or contract to buy their new home first.
If they put their home on the market, it might sell and then they might find it impossible to find what they want. Alternatively, if they find a home theyd love to buy, they realize they could lose out because their old home wont sell quickly enough or the sellers wont wait. What is the best approach?
Alternatives
Weve noted so many times that there is seldom a right answer. This is another such instance. Looking at some of the alternatives and how they could work for you might make it easier to figure out how to approach getting from where you are to where you want to be.
Home of Choice Clause
Lets say you decide to put your home on the market first because you want to be sure of the amount of money youll have to work with. You (or your Realtor if you have one) can market it with the provision that settlement is contingent on your finding the home of your choice.
Thirty days is typical for a home of choice clause, but Ive seen periods of time at lengths as long as sixty,...
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