What should you know before buying or selling a home?

Before you start seriously searching for a new home—or put your current home on the market—make sure you have a solid understanding of the housing market in your area (and the area where you’re planning to buy). Is the market weighted toward buyers or sellers? Only then will you be able to fully strategize.

Is it stressful to sell your home and buy a new one?

Buying a home is stressful enough in today’s housing market. Try adding the extra pressure of selling your current home, too. Many homebuyers face this two-step transaction, whether they are relocating for a new job, upgrading to a new home or downsizing in retirement.

Can you sell your home and buy another?

The truth is you have several options when selling a home and buying another. The best choice really depends on your personal situation, your property (and the market it’s located in), and your budget. Let’s look at all three options in-depth.

What to do if you can’t find a buyer for your home?

The easiest way to deal with this scenario is by including a home sale contingency in any offer that you make. This contingency allows you a set period of time to find a buyer for your old house before you move forward with settling on your new home.

What happens when you buy a house with a lease?

Typically, a lease option gives an aspiring buyer the option to buy a home at a set price following expiration of a lease term of a year or more. In most cases, the would-be buyer pays an additional premium above the monthly rental rate during that lease period. These extra payments are to be applied to a down payment.

How does a lease to own work in real estate?

There are a few ways these transactions can happen: A lease-to-own with a one-time, non-refundable option fee that allows tenants the right to purchase the home within the year, at a set price. In the meantime, they keep paying rent. A lease-to-own agreement that is structured so a portion of the rent goes toward a down payment.

Can a buyer ask a renter to sign a new lease?

A buyer can ask the renter to sign a new lease with him, but technically the tenant does not have to. The only exception would be if your lease agreement has special conditions regarding a property sale.

What should I do if my landlord wants to sell my house?

How to Handle the Sale Process Talk to your landlord. Hopefully, your landlord will be upfront about his intentions to sell the property and keep you informed as to whether he hopes to sell to another investor who will keep the property as a rental.