Expert: Hans Weber, Licensed Broker Associate - 1/21/2008

Question
Hello, I am not sure in which order do you purchase new construction and sell your existing house?  Can you give me a timeline, or order of things to do so to speak so that I can do these two things as efficiently and with losing as little money as possible?

Answer
Hello Cathy,

Thank you for your question.

There is no one answer.  Alot depends on finances.  Are you able to own two homes at one time?  Is the new construction built already?

Anyway, speak to the builder first and find out what they want from you and then you have to try to accomodate their requirements.

You probably need to enter into a contract of sale and put down a deposit of maybe 10%.  Then the construction would begin and so too would you put your home on the market for sale and try to find a buyer with a flexible closing date so they could wait for your new home to be completed.  Otherwise you may need to close and move to a rental in between.

Anyway, there are so many scenarios possible, but it will be an exciting event to paticipate in.  So, enjoy your new home.

Hans