1)Buy a home
contingent on the sale of your home
2)Buy a home contingent on the sale of your home but with a kick-out
3)Sell your home first and then buy your next home.
4)Buy a home without any
contingency and hope you can sell your home before you close on your new
Each has it's advantages and disadvantages. If you're married
you really have to come to terms with what stress levels each partner can
1. Risk Free but Usually
Unworkable Find a home you love, negotiate
contract that is contingent on the sale of your home and then put your home on
the market. Advantages No risk. If your home doesn't sell you don't have to buy the new
home. Disadvantages Very few sellers are willing to accept a contingency contract. Would
you take your home off the market with everything hinging on whether or not the
buyer's home will sell? Sometimes a seller will accept such a contingency
if the buyer offers a significant non-refundable deposit. This then puts
the risk back on your side. You can spend a lot of time finding just the right
home and then writing contingent offers. But
you'll usually come up empty.
Free But Frustrating You find your dream home and
then negotiate a contingent contract that has a kick-out clause. You then run
home and put your home on the market and hope you get a contract before being
kicked out of your other contract.
Advantages No risk. If your home
doesn't sell you don't have to buy the new home. Sellers are more likely
to accept the contract. They can continue to market their home hoping for a
non-contingent offer to come along. But they do run the risk of the home
not being shown as much because other buyers don't want to waste time going
after a home that is "under contract". A good listing agent
usually will insist on keeping their listing in the multiple listing
computer as "active" to avoid a decrease in showings.
Disadvantages If it's a nice home at a good price, most likely someone will come along with
an offer that doesn't have a contingency. The seller will then kick you
out of your contract and you'll be back to square one. All the effort will
be for naught. Your dream home bubble will be burst. The kids will
be all upset. You can spend a lot of time and energy doing this.
Conservative But Realistic
Approach. First put your home on the
market. When you get a contract, try to negotiate the closing date as far into
the future as possible to allow you time to find your next home.
You know that your house is sold. You won't be owning two homes.
You'll know exactly how much money you'll have available for your next
You take the chance that you won't find a suitable home to move into
before the closing date.
You might have to move to temporary housing with all the inherent hassles. To
some, the thought of possibly having to move twice is incomprehensible. If
your dream home criteria is very unique, it might take a while for a suitable
home to go on the market. Or to avoid a double move, you'll compromise on
important criteria and end up with a home that really doesn't make you happy.
Strategy to make it happen You really need to know what kind of home you want to move to. Be
realistic about your financial capacity to buy your dream home. Be
conservative with the amount of money you'll realize from the sale of your home
after all expenses are accounted for. If you're too optimistic you might be thinking you'll be able to
move into a pricier neighborhood than you really can afford. Along the
same lines, be conservative about what interest rates might be when you're ready
to buy. Will a jump in rates wreck you plans? You need to be very
familiar with the particular neighborhoods with homes that will meet your
criteria. How often do suitable homes come onto the market? At any
given time are there several homes available that you would feel comfortable
with buying? If not, you need to be prepared to move to temporary housing
while you wait for your dream home to go on the market. Are you prepared to do this? Would a lot of your stuff have
to be put into storage? Will your family be able to handle the instability
and dynamic situation? These are all things that need to be
considered. It's a lot to think about but is very necessary.
Once you put your home on the market you begin to get a lot of people involved
with your life. Be sure you have your ducks in a row.
4. Most Risky Approach
Find a home you love, negotiate a contract with no contingency on selling your
home. Then put your home on the market trying to sell it before closing on
your new home. Usually this approach requires some sort of bridge loan if
your home doesn't sell before closing on your new home.
You can wait until you find your perfect dream home to start the ball rolling. You're guaranteed a single move. You're in a very strong negotiating
position. Sellers love non-contingent offers as long as they know you are
Disadvantages You might be the proud owner of two homes. The market can turn quickly
sometimes. You might have to drop your price more than you anticipated.
Can you handle this financially? Every month that goes by will be another
mortgage payment. You'll be more and more reluctant to lower the price.
The longer your home is on the market the more of a stigma it will
Strategy to make it happen
You need to really have a good idea of what it will take to sell your
home. Is it a unique home that will take just the right buyer? What
price will sell it in the necessary time frame? Don't look at what other
homes are listed for. Look at what other homes have actually sold for.
Market knowledge is key. Can you get a bridge loan on your home? How long
can you carry both mortgages?
You really need to come in and talk it over with us. Tell us what your
wants and desires are and what you wish to accomplish. We'll listen
closely and give you some suggestions. We'll tell you what to look out for
and what to expect. If you're ready and willing, we'll create a plan and get to
work helping you make your dreams come true. Call us now to set up a free one
hour consultation. 404-845-0265
Our market area is in the
north metro Atlanta area.
We service Cobb County,
north Fulton County, Dekalb
County, Forsyth County and
Gwinnett County. We
are very familiar with Sandy
Springs, Dunwoody, Marietta,
Buckhead, and Midtown.
We have sold homes inside
the perimeter and outside
the perimeter. We
can't know everything so for
clients who want to look for
property in Peachtree City,
Newnan, Stone Mountain,
Douglasville, Macon and
areas further out we will
gladly recommend a good
agent who specializes in
We help buyers negotiate
with builders for
residential new construction
houses. New houses in
Atlanta are hot right now.
We can represent you in the
purchase of your new house
built by any of the
following builders: Torrey
Homes, MDC Homes, Centex
Homes, Pulte Homes, Morrison
Homes, Ryland Homes, John
Wieland Homes, Winmark
Homes, Meridian Homes, John
Willis Homes, Benchmark
Homes and many more home
We can help clients find
short term apartments for
rent but normally we don't
work with clients who are
just looking for rentals.
We do help clients find
Atlanta condos. We can
also help you purchase HUD
homes in Atlanta. We
are an authorized agent with
them and have the HUD key to
get into HUD homes. We
have access to foreclosure
homes that banks want to
We love showing executive
homes and luxury homes. We
always like to know how
people find our site.
Send us an email and tell us
which search term you used.
Some terms that we might be
found by are realty Atlanta,
Ga homes, Atlanta realty,
condos Atlanta, Atlanta
property, houses Atlanta,
Atlanta realtors, Ga houses,
or realtors Atlanta.
Maybe you found us by typing
in Atlanta MLS listings, or
Atlanta MLS search, or MLS
Atlanta GA. Hopefully we
don't come up under nursing
homes or funeral homes.
It is always amazing to me
how the Internet can allow
total strangers to find each
other and build new business
truly is becoming a small,