Own 1 but need a 2nd? Are you currently a homeowner and have either outgrown your home and or are in need of a smaller home? How do you overcome the dilemma of avoiding two mortgages? Depending on your financial stability, some of you can qualify for both but most of us have to think of another alternative.
Selling your home and buying another can be overwhelming. By rushing to purchase another home, you may just settle for a home that might not be your perfect choice. Chances are that the close of escrow coinciding with your original home and your new purchase may not fall into place on the same date. Here’s an alternative to getting around this obstacle but this involves patience and creativity.
If the real estate market is doing great but you don’t to wait to list in the event the market may soften, Pods might be your solution. There are moving companies that have air conditioned pods that are an excellent alternative. They simply drop a Pod off on your driveway; you can move everything yourself or hire someone to do it for you. Once you’ve gotten an offer and are closing escrow on your initial home, you then call the Pod Company. They will pick it up from your driveway and will store it at one of their moving facilities.
You might be thinking where am I going to live until I find and close escrow on my new and perfect house? Simple, you have your Realtor find you a month to month furnished rental property. You realtor can hopefully find a property that’s convenient to work until you’ve identified and closed escrow on your dream home. Once you’ve settled with your new property, you simply arrange for the Pod Company to drop it off at your new home location. Many of you might not want to go through this process, but it’s another way to achieve your goal especially in a hot market!
Obviously before doing any of this you must do your homework, and I’m referring to the real estate market homework. Evaluate your neighborhood by looking at comps and getting some hard numbers with a title company; this way you know your proceeds after your closing costs. The last thing you want is to be stuck in a scenario that you’ve committed to selling your home, identified your next property and realized that you can’t afford the down payment and closing costs. If it’s a seller’s market and you’ve asked for them to pay for your closing costs, chances are they won’t agree to those terms. However, if it’s a buyer’s market you now may have another alternative to moving forward with the purchase even if the proceeds from your primary home are little to none.
Remember “where there’s a will there’s a way” to always achieve your goals! Get your questions answered. Talk to your realtor about Broker fees, call a Title company for additional closing costs and get the ball rolling. We’re in a great market right now, and if you get in early you may see significant proceeds by owning in the next couple of years. There’s a buzz going on regarding the Scottsdale/Phoenix marketplace with significant signs of growth! Get on the bandwagon and reap the rewards.
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