Most people would feel uncomfortable
owning two homes at the same time, complete with two mortgage
payments, two utility bills each month, and two sets of home
ownership responsibilities? Not a pleasant thought, is it?
Well...it happens more often than you think! It is usually the
result of poor planning, but it is a situation that can be a
disaster!
How does it happen? Selling a home is an
emotional time, but it is also a time where reason has to
prevail. Here’s why. For most owners fear that if they sell
their own home first, they’ll have no place to live! To them,
it doesn't make sense to sell their existing home first. They
put the cart before the horse, and try to locate their new
home first.
Once that purchase commitment is made,
the owners proceed to place their existing home on the market.
If it is priced fairly, and in good condition, it may sell in
a reasonable length of time. This would be the ideal
situation! You may even possibly in time to complete the
purchase of the new home. If, on the other hand, it is still
unsold as the settlement date on the new home approaches,
unnecessary pressure and urgency to sell may occur.
This can present a serious dilemma to
the seller/buyer. Should a "bridge" loan be taken on the old
home to provide money for a down payment on the new one? Is it
possible to make double mortgage payments until the old one
sells? Will the lender approve the new mortgage if the first
home is not sold?
If you want to purchase another home,
yet find the notion of owning two homes unappealing, contact a
real estate agent for suggestions on the best approach for
you. Numerous alternatives may be available, allowing you the
flexibility to enjoy both a timely, financially rewarding
sale, and a satisfying purchase of your next home!
* Effective July 1,
2000 STATE OF GEORGIA law prohibits Broker from
representing Buyer as a client without first entering into a
written agreement under O.C.G.A § 10-6A et. seq.*
