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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.*