Do I need to sell my home before buying another one?

Do I need to sell my home before buying another one? findwell agent Tamar Baber answers in this installment of Ask an Agent.

Q: Do I need to sell my home before buying another one?

Well, whether you need to sell your home in order to buy another home depends on a few different things. One of them is, can you purchase another home without selling your home – do you have the financial reserves to do that? If you can, then by all means you can go and purchase another home without selling your own. If you can’t do that and you need the proceeds from your home sale to purchase another home then you’d need to make something called a contingent offer – which is contingent on the sale of your home. These are harder to make offers with. You generally have to offer a little bit more and sellers don’t like these offers as much because their home is off the market while they’re waiting for you to sell your home. If it doesn’t sell, and your offer falls through, then they’ve wasted a lot of valuable market time in trying to sell their own home.