If you’re ready to upgrade to a larger home, or need to relocate, you’re presented with a dilemma. You can’t simply “trade in” like an automobile, so your choice is:
1) sell your existing home first, or
2) own two homes until the first one sells.
But what if you can’t find another home? Will you be left on the street? Or how can you afford to own two homes at one time? What is the answer?
If owning two homes is out of the question, explain this to the agent who lists your home. It’s a good idea to begin looking for your next home before you have a buyer for your old one, but not necessarily wise to attempt a purchase.
If you find another home, and make an offer contingent upon the sale of your present one, sellers are less likely to accept your offer. But while your home is for sale, continue looking at others. Try to select two or three that meet your needs. Then, as soon as you have a contract on your present home, begin negotiations to purchase your favorite. If, by chance, it is already sold, you will still have the opportunity to purchase one of the others or possibly another new one that is new on the market.
Ask your agent to explain this situation in more detail. The more you know, the more comfortable you will be with your decision.