“Balancing Act, Buy First or Sell First?”

Currently a number of my clients have put their homes on the market and are in the process of looking for another home. However, a few want to find a home before they put their home on the market. 

There is always a reluctance for anyone to take a home off the market and have a “Hubbard Clause” and one can't blame them, especially if the market they are in is “Hot” and their home is correctly priced. 

This is what can go right. Pat and Deb put their home on the market, we had to sell first, as we had a few credit cards to pay off, two of which were in default. Not having all these obligations meant they would not qualify for the mortgage. 

For them, the time was perfect, as they were able to move into his parent’s home, as they were in Florida for the winter. The home sold, we paid off all the necessary obligations, did rapid rescores on what was paid off. We got the scores from the mid 500’s to the low 600’s. 

They found a home put 10% down and got them a 4.25% rate and their overall monthly savings was $900. For them, they had to sell first, as a result they will save tens of thousands of dollars, because they sold first.