Do we sell our house first and then find a house to buy?
If you already own a house and are looking to purchase a different one you may be asking yourself this question. Is to better to sell the house first before buying another house. This is going to depend on your personal situation. Before buying another house without selling yours, you should ask your self:
- Are you able to maintain both houses; mortgage payments, utilities, maintenance until the first home sales?
- How long are houses staying on the market in your area?
If you are not in a position to own two houses you can still start the process of finding a new home to buy contingent upon the selling of your current home. First right contingencies allow you to negotiate an acceptable contract on the home you want subject to receiving an offer and closing on your current home before closing on the new house.
Talk with your real estate agent or a real estate attorney about the contract addendum needed for a first right contingency.