Question: We are selling our home and we are trying to buy a Home in Indiana. We have placed offers on 3 properties and they were all rejected because we had a home to sell. There were multiple offers on 2 of these 3 homes. Our agent said eventually we will find a seller who will accept our contract even when we must sell our home first. Your thoughts?
Answer: If you want to buy a home in a hot market, then you need to change your thinking. Why would a seller accept your offer contingent on selling your home, when they have other offers that are non-contingent? Your Plan A will not work in a hot market.
We recommend using Plan B: Sell your current home first, then stay with a friend or relative or look for a short-term rental until you find a home. Your Church members would be a great place to look for possible rentals.
Plan B eliminates a lot of stress because your home is sold, the money is in the bank and you are in a great position to get your next offer accepted. Plus, you do not have to settle for a home that you are not completely in love with. Why rush or settle? A home is a big investment.
If you can afford it, and if you qualify to buy another home without selling yours, you can also buy your dream home non-contingent. You may own 2 homes for a short time, but you can stay in your own home and work on the other home before you move in.
Mark Twain said these wise words: “Never allow someone to be your priority while allowing yourself to be their option.”
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