Time Becomes Money
Putting your home up for sale can be one of the most heart wrenching decisions, so what you don’t want to happen is for the processes to be too demanding. The first step in selling your home is to realize that the cliche phrase, ‘time is money’ is actually the honest truth.
Plan Of Attack
After deciding to sell your own home, you should really be thinking long term and put it up for sell well before you want to move into your new home. You should never buy a new home before you are absolutely certain that your old home is singed, sealed and on its way to being delivered to the new lucky tenants.
If you accidentally find yourself in a situation that you still own your old home and have already purchased your new one then remember that you will no doubt be liable for two mortgages: your old home and your new one. Whilst you should make every effort to avoid this, as no one likes to throw good money away, there are options available to you to help meet any mortgage payments.
If you have trouble making both mortgage payments, you maybe eligible for a bridge loan. A bridge loan is a loan to ‘bridge’ the gap between the termination of one mortgage and the beginning of another. Bridge loans are given using the same criteria as a mortgage so your realtor can help you out.
To avoid any problems you should always co-ordinate moving home with the people who are either moving into your old home or moving out of your new one, as the domino effect can easily mess up your schedule. Make sure that everyone commits to a specific window of time and have everything in writing, with financial penalties for anyone who fails to comply with the terms.
