Timing can sometimes be difficult if you have to sell a home before you can buy another one. Most people need the equity from the sale of their first home for the down payment on the new house. If your present home goes on the market first, you may be concerned that it will sell before you find the one you want to buy. On the other hand, if you find the perfect home before your present home is under contract, the sellers may be reluctant to accept your offer, and you may be too nervous to sign a contract.
It is a good idea to sit down with a good real estate agent for some professional advice before you begin your search. It will probably be necessary to be flexible on the closing date, because it can be easier to find a home that you want to buy than to sell your present home. After finding the house you want, you can ask the lender about arranging a short-term bridge loan that can make the purchase possible before you sell your current residence.
The Luby Group - Suzanne & Liz Luby - IL Licensees Coldwell Banker 530 North Hough Street Suite 180 Barrington, IL 60010 Suzanne: 847-922-7773 Liz: 847-691-3150 Office: 847-277-2777 Fax: 847-382-4990 Luby@TheLubyGroup.com
Suzanne and Liz Luby begin each client relationship with a simple commitment to superior service. With more than twenty years of experience in the Barrington, Inverness and Chicago Northwest Suburban markets, Suzanne and Liz Luby offer home buyers and sellers expert real estate guidance based on the highest professional and ethical standards.
The Lubys believe their business is about building lasting relationships through communication, trust, knowledge and expertise. Their team approach has consistently ranked them among the top 100 of Coldwell Bankers’ Chicagoland agents, and top 1% nationally.
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