Description

Should I buy first or sell first?

I get asked this very often.

Before making any changes to your REP, the very first thing you do is to talk to your 3 TRUSTED advisers:

• Realtor - can guide you in terms of pricing, buyer/seller sentiment, market conditions, real estate fundamentals.
• Mortgage Broker AND your bank contact/Financial Adviser if they are the same person. If you have an existing mortgage with CIBC or RBC, then speak with them first as they do not deal with external mortgage brokers. 
• Your lawyer - guiding you from a legal perspective especially if there are more people in your immediate family and/or partners involved.

That being said, let’s get’s started

Welcome to a new episode of The Real estate Podcast with me Nico James-Bock, a Broker with Royal LePage Signature Realty in the GTA.

I am going to put this as succinctly as possible. When you are making changes to your REP (Real Estate Portfolio), after you’ve spoke with your advisers, the way I see it you have 3️⃣ main options:

1. If you HAVE to sell in order to complete a purchase, SELL FIRST, HAVE SHORT-TERM ACCOMMODATION AS A PLAN B, and line up a couple of. storage options, set a 45-75 day closing window, BUY SECOND, closing date set for AFTER your sale closes (can be a week up to 30 days.

Reasons you Have to Sell:

• Job/Family relocation
• Separation/Divorce
• Court Order
• Upsizing / Downsizing
• Mortgage - Power of Sale - The bank takes over
• Health Problems

2. If you WANT to sell to free up capital or to cash in on multiple investments, SELL FIRST, if needed, have short-term accommodation as a plan B, take your time to search if you want to buy, BUY SECOND.=

• Upsizing / Downsizing  - More or Less Space
• Changing housing type (Condo <-> Castle - Freehold)
• Changes to your REP (Real Estate Portfolio)

3. If you DON'T HAVE to sell in order to complete a purchase, BUY FIRST, close on your purchase, SELL SECOND, if and when you want to, and set your desired closing.

Plan of action:

• Seerch available listings
• Make an offer
• Close on the purchase
• When ready, list your home for sale

That’s it for this episode. Leave me a comment or let me know your take on the buy first sell first question.

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