<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=294326554740919&ev=PageView&noscript=1" /> SELL OR BUY FIRST? - Wilson Sisters

SELL OR BUY FIRST?

22 October 2020
Wilson Sisters

It depends. There are risks with each play, but finding the least risky option, the one that lets you sleep at night is the goal. ⁣⁣

Variables:⁣⁣

What/where are you selling?⁣⁣ Where are you buying? ⁣⁣How picky are you/how specific is your search? ⁣⁣Do you qualify to carry 2 properties if you had to? ⁣⁣

We have heard some awful stories lately about downtown TO sellers being unable to close on their home purchase because their condo is not selling and they need the equity to close. ⁣⁣Lawsuits possibly to follow, and horrendous stress. ⁣

To qualify for bridge financing (temp financing allowing you to use equity in your current home to close on your new one) you are required to have a firm sale in place on your current home. ⁣⁣

Once you sell, you can stagger the closing dates on your sale/purchase, but you can't use the bridge loan to buy time while you wait for your home to sell. ⁣⁣

Condition on sale of your current property can work in some cases, but overall, if you're buying into a hot market or in competition, a sale condition isn't going to fly.⁣⁣

It's important to get professional advice from someone who knows your area and is familiar with the market trends for the type of property you're selling. No one has a crystal ball, but following bad advice could leave you in a jam.⁣⁣