real estate

5 tips to sell home before buying another

Q: Can you ask your buyer for more time?
Can you ask your buyer for more time? © Nata-Lia/Shutterstock.com

Because selling first and then buying is problematic in a sellers' market, experts advise taking advantage of your strong position as a seller as you work out the timing of your purchase.

"Negotiate a longer time until the closing," advises Raylene Lewis of Century 21 Beal in College Station, Texas. "If closings are normally out 30 days, ask for 50 days so you have more time," she explains.

Depending on how home purchase contracts are written in your locale, it might be possible to tell a buyer that you'll accept that offer, but it's contingent on whether you have a home to purchase by a certain date, Lewis adds.

On the flip side of the above request, as a buyer, you might ask that your purchase offer be contingent upon your home being sold by a specified time. But in a hot market, "it's unlikely a seller will accept such a contingency without at least a purchase contract (pending) on your property," Gonzalez says.

advertisement

Mortgage trends this fall From mortgage rates to a list of must-do's for first-time homebuyers, here are the trends to watch for this season.
Show Bankrate's community sharing policy
          Connect with us
advertisement
Rising rates and more: 5 housing trends for fall
advertisement

Connect with us