Phase 2: I need to sell my existing home first?
You may be able to buy a home with details in your contract indicating that it is contingent (contingency ) on selling your existing home before buying. Some Builders will offer services such as a reduced listing fee with THEIRresident agent if you list with them, or a Guaranteed Saleprogram to ensure your home is sold in time.
- Did you just hear your father or mother’ voice ringing in your ears…?” Nothing is really free!”. Well they are correct. There is always a reason for each option. Perhaps the agent has given the Builder a reduced listing fee for their other homes in exchange for the Builder getting them business and so they offer the reduced rate to make it look like the Builder is doing something amazing for you. So it might actually save you money, which is great, but be sure you want to work with that individual. Guaranteed sales programs by Real Estate Agents (and Builders offering them) also often look at THEIR appraiser evaluating your home and giving you a guaranteed price. Doesn’t mean it’s the price its actually worth so be sure to check it all out.
- buying before selling is not always in your best interest because your normal tough negotiations often go out the window when you've emotionally decided on a new one, or your significant other has made up their mind and now that new home just has to happen. Determine your selling price of your home early, perhaps before you go and begin talking with Builders. As always, there are a lot of technology solutions out there…..utilize a few agents to give you a price, hire an appraiser to let you know what they think, average the estimates of each of them and your likely very close to what your home is worth. Look at the history of sales close to you. Now even try selling it yourself online at places like Kijiji,Craigslistand more and keep the commission for the amazing upgrades you want in the new house.
- Did you know that you can even get your home on REALTOR.ca (MLS) yourself utilizing a process called Mere Posting
