Another benefit is the security of knowing
where you are moving to—peace of mind is
often priceless.
Making the Timing Work
Step 1: Identify your sources of cash and
make plans to liquidate what you need to
make a solid offer. Gather the documenta-
tion as proof of funds.
Step 2: Make an offer.
Step 3: Once you've closed and moved in,
prep your previous home for sale and put it
on the market.
Step 4: When the home sells, use the pro-
ceeds to replenish the accounts you tapped
to buy your new home.
You've found a job in a
new city and start work
in three months.
The strategy: Sell first.
This isn't an unusual situation. Typically,
buyers need the equity out of their existing
home in order to make the new purchase.
This of course means selling first.
There's another reason not to rush a pur-
chase; If you're moving to a new city, it's
probably smart to rent for a bit while you
get the lay of the land and determine
which neighborhoods best suit your needs,
rather than buying right away.
All this means that your existing home will
likely be put on the market while you're
still living in it. While not ideal, selling a
home you're living in can be done success-
fully if you clear out anything you won't
need in the short term—off-season clothing,
sports equipment, knick knacks—to declut-
ter your home. Hire a stager to help sort
out what should be removed to show the
house at its best.
Making the Timing Work
Step 1: Prep your home and put it on the
market.
Step 2: If it sells quickly, be upfront about
your need to stick around until you move,
and negotiate a longer period until closing
or a short-term rent-back to allow you to
stay in the home until you're ready to move
to your new city.
Step 4: Find a month-to-month rental
in your new city to be your home base
while you get settled and begin your home
search. The month to month rental will
again be tricky based on timing of the
rental market (season) and how long the
property has been on the market. If you live
in a larger city corporate housing may be a
good alternative or in any city you can find
a shorter term Air BnB to rent.
You're selling in a hot
market and moving
to where the market
is slow.
The strategy: Buy first.
The thought of carrying two mortgages
keeps most buyers from attempting to buy
before selling, but this is a rare situation
where it actually makes sense. In a slow
