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Home Selling Workshop!

3 Ways to Move Up – A Guide to Selling a Home to Buy a Home

Whether you are moving from your first Southern Maryland home to your forever home or choosing to downsize, you’ll want to consider these three options and which one may work best for you.

Option 1 – Buying While Selling (Contingent)

A contingent purchase means that you will be going under contract on your new home, while attempting to sell your current home. In this situation, you would be asking the seller of your new home to wait until your current home sells in order to complete the purchase on their home. This is called a contingent offer.

The Pros:

  • You won’t be paying two mortgage payments.
  • Both settlements can generally be scheduled for the same day so that you move straight from one house to the next.

Cons:

  • Many sellers are unwilling to accept a contingent offer because they have no guarantee that your home will sell. While there is an out clause that puts a limit on the amount of time you have to sell, they still have to wait for that period to end in order to put their home back on the market. They could lose out on other potential buyers during this waiting period.
  • In most cases, you’ll need to be completely moved out of your current home prior to settlement. You also won’t be able to move into your new home until after that settlement. This means you’ll need to be fully loaded into a moving truck for the big day.
  • You will still be living in your new home while trying to sell. You’ll have to clean regularly and be ready to vacate on short notice. This includes all people and pets!

Option 2 – Sell Then Buy

If you have a good option for interim housing, this may be a good route to explore. When you sell your home prior to buying a new home, you are free to explore your buying options without the burden of having to sell your current home.

Pros:

  • When your home is already sold, you don’t have the stress of needing to sell it holding you back while exploring your buying options.
  • You don’t have to attempt a contingent offer that a homeowner may or may not entertain.

Cons:

  • You will need to have a place to live during the time between selling your previous home and purchasing your new home. This could mean staying with family or renting a home or apartment.
  • Move your personal belongings twice
  • Have a place to store your things either at your rental home or in storage.

Option 3 – Buy then Sell

This third option may be the least stressful of all because you can move into your new home while having your old home clean and ready to show at anytime.

Pros:

  • Move into your new home without waiting for your old home to sell.
  • You won’t miss out on the perfect place just because a homeowner won’t accept a contingent offer or because you haven’t sold your current home.
  • Thoroughly clean your old home and have it show ready at all times without having to clean daily and clear out for each showing.

Cons:

  • You may have one or more months of overlapping payments while owning both homes.

While each of these options has their pros and cons, there is generally one that fits best with your current situation and moving goals. Your finances, loan choices, and interim housing options may quickly eliminate one or more right away. Determining the best route to take is a crucial first step to planning out your next move.


Christina Porter Wolfrum
http://www.ChristinaWolfrum.com

Christina Porter Wolfrum

Cell #: 240.587.1687

Alt office #: 410.535.6291

Email: CPWolfrum@Gmail.com

Website: http://www.ChristinaWolfrum.com

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About Christina Porter Wolfrum

Hey there! I'm Christina. I'm so glad that you've stopped by today. I'd love to talk to you about your next move. Call, text, or email me to setup a time to chat. Talk soon!

Cell #: 240.587.1687
Alt office #: 410.535.6291
Email: CPWolfrum@gmail.com
Website: www.ChristinaWolfrum.com

Client Love

Betty

She goes above and beyond to sell a house. Her knowledge of selling homes is very impressive. I would highly...

Betty

Christina Porter Wolfrum
5
2016-05-03T18:05:39-04:00

Betty

She goes above and beyond to sell a house. Her knowledge of selling homes is very impressive. I would highly recommend her as a realtor.

Jennifer

Christina stuck with us through having a failed septic she made us feel confident that we would be able to...

Jennifer

Christina Porter Wolfrum
5
2016-05-03T18:07:52-04:00

Jennifer

Christina stuck with us through having a failed septic she made us feel confident that we would be able to still sell our home in a timely manner she was very diligent during the process of selling our first home.

Marcia

Christina listened to our needs and wants and helped make our dreams reality. We will definitely use her again in...

Marcia

Christina Porter Wolfrum
5
2016-05-03T18:24:44-04:00

Marcia

Christina listened to our needs and wants and helped make our dreams reality. We will definitely use her again in the future. She is extremely knowledgeable and always keeps your best interest in mind.

Shane & Anna

Christina is a wonderful agent and possesses all the necessary qualities of someone you want on your side for the...

Shane

Christina Porter Wolfrum
5
2020-01-11T19:42:38-05:00

Shane

Christina is a wonderful agent and possesses all the necessary qualities of someone you want on your side for the big day. She comes prepared to each viewing and takes the time to learn her clients needs. This all occurs while she manages a household of 4 at home and attendsย  to her clients every need. Some of her flagship attributes are: patience, confidence, and most importantly, her an incredible sense of humor. I can't tell you how many times my wife and I laughed while viewing a home or talking with Christina on the phone. There were times I forgot we hired her as our agent because the relationship grew quickly from strictly business to more personal interactions. One of my favorite attributes above is her confidence. As a buyer, I wanted to know that before I placed an offer on a home, it was valued correctly. Christina was honest always. If I thought a house was overpriced and she disagreed, she told me - and vice versa. No passiveness or beating around the bush - concise and frank. Thank you Christina - if we ever decide to move from this home, you know we'll call you to be our agent.
4
Christina Porter Wolfrum
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