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Hi everyone and welcome to another episode of Homebuyer's School today I'm
joined by Kevin French with Remax Realty and today the question we're gonna
answer is - Do I need to sell my home before buying a new home? So Kevin like,
do I need to sell my home before buying because I need to know what I'll get
before a clear sale. So when I'm trying to buy that house I need to know how
much money I'm getting from my house.
Yeah, it's typically best to
figure that number out, it's more so a mortgage broker question, you'd meet
with them --what's going on my property what can I expect to get would be more
so your real estate agent but then from there you figure out your plan if you're
not getting the equity out of your property that you need to produce the
next property, it might be best to sell first. The mortgage broker will
be better to answer whether or not you could carry both properties --meaning not
sell your for initial property move into your next one and still be paying
mortgage on the other one until it sells.
Until it sells --that's a pretty tough thing
too because you're now paying-- wouldn't you say you're paying two mortgages now?
Yeah unless you rent the property.
So what happens if I don't sell my home in time?
If you don't sell the home in time then you might not be able
to provide it on-- depending on the finance you might not be able to close
or move in to the new property. If you're not able to move into the new property
then that's a whole other issue.
So what are some of my options?
The best of what I always recommend
is to sell your property before you move into the next one.
It might be a little bit uncomfortable, you might have to move in
with family for a bit, you might have to rent a place for a short term but it's
better than being stuck in a situation where your taking possession of a
new property and you still have yours to sell, and then you're a bit you know,
between a rock and a hard place where--
Yeah because you're paying two mortgages
and it's kind of rough but what happens is you find a home that you really want
but your house hasn't sold and you really want the house, would you
recommend just you know, putting the offer on the home and kind of--
You can put the offering on that new home subject to selling your current
home, however if you do that it's typically deemed a less desirable offer so a lot
of people would shy away from accepting it or they would expect a little bit
more in return because now their properties is somewhat less marketable
even though they might be able to still sell it with a small clause in there.
It's typically less desirable for the seller to take that
option if it was conditional to the sale of suppliers.
Okay, so you can actually
put a condition-- "I'll put this offer in if I sell my home", but in-- most people
don't really take that or that would be a conditions like, well I'd rather take one--
It works. It's a great opportunity, it's great option that
people can explore, it's just that it's you know, on the selling side now, you've
committed to somebody and all potential buyers going forward are aware that
you've committed to somebody else and now they feel like they're putting in an
offer that they have to beat another price, so it's almost like quiet competition.
Yeah. So your number one advice is, sell your home first,
and then go off and--
Absolutely.
--Okay. Anything else add?
What often happens is
if people do start shopping while their property is for sale knowing that their
intention is to sell first, they often become more motivated to sell their
current property, they might drop the price or add some more incentives to
make it a little more appealing to somebody in the open market so that they
can move forward with the property that they want.
If I was selling my home and I wasn't able to sell,
could I you know, during the whole buying process, isn't there like maybe
a couple months or you know, maybe extend that from the moment I
actually buy a house-- extend it to the point where it gives me more time?
Delaying the possession of the new property?
You could-- you could work with that.
It's a lot easier to do with property that is potentially vacant or
is a new build. For example if you're buying something that's not even built
yet you might have six- eight- ten months out for build time, that's something that
you could work with but if you're purchasing from somebody who's looking
to sell they're typically looking to sell and move out within the 60 or 90 day
time frame.
Perfect, well thank you very much.
Thank you everyone for joining us and we'll see you next time.
That's another edition of
Homebuyer's School. Tune in next time
for more expert tips and tricks, and visit
homebuyersschool.ca to bring you one
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