If you are planning on selling your Orange County real estate property, you may also be planning on purchasing a new home at the same time. Most people find that it is smart to sell before buying, but others believe that buying before selling is the best strategy. This article will explore some of the reasons why, and give you helpful tips as well.
The first benefit of selling first and then buying is that it gives you the luxury of time and the ability to negotiate the price that you really want. You do not have to feel pressured to take the first offer that comes along, since you are not in a rush to move into the home that you have just purchased, and you can generally ask for and receive a higher sales price as well, since you will not appear desperate to sell. Another thing that sellers often do is to make the sale of your current home contingent on the closing of your new home purchase. This way, if your purchase does not go through, you will be under no obligation to sell your house.
Many buyers agents will require a concurrent closing clause in this case, and if so, you can ask for a time period in which to look for a replacement home in the event that your home purchase does not go through. This will also give the right to cancel the contract. If you are not able to find the best new Orange County real estate property right way, you may want to consider renting after closing, and or renting back your home from the buyer for a short period of time.
If you find a deal that is too good to pass up, you may want to consider buying first and then selling. Maybe desperate circumstances are forcing the owners to sell, or maybe you have found your dream home and simply can not wait. These are both legitimate reasons for purchasing a home before you have sold your first one. The caveat here is to make sure that you do not end up owning and paying the mortgage payments on two Orange County real estate properties at the same time if it is not worth it to make double payments until you can sell your first home. Either way, just be sure to do your research, negotiate your offers, and above all, keep a positive attitude.
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