Especially when the market is moving briskly, selling your Santa Barbara home can put you up against a chicken-egg quandary. “Which came first?” is as unanswerable today as when we argued about in the second grade—yet when a key decision about selling your home depends on answering a similar puzzler, it’s anything but whimsical.
The metaphor is almost exact. If you know you will be buying a new house but haven’t yet sold your current Santa Barbara home, which comes first?
As for the new purchase, the universally agreed upon best practice for house-hunting is to be able to produce a lender’s preapproval for X dollars.
So selling your Santa Barbara home has to come first, right?
But if you need to have sold your home before you get serious about finding a new one—what if the tight market means it may take a while to find the right home at the price you’re looking for? Selling your current home usually means committing to moving out at a date that’s fast approaching!
So that means locking up the new home comes first, right?
The answer is to have faith that—unlike the chicken-egg riddle—generations of Santa Barbara buyers and sellers have successfully solved the dilemma. It involves a number of working parts including the particulars of your current financial profile, a formulation of the post-sale net proceeds, and a properly constructed pre-approval letter that will be contingent on the successful closing.
Although you could put all those parts together yourself, that’s hardly necessary. It’s a piece of cake once you’ve enlisted the services of the Santa Barbara professionals who deal with these issues all the time: a team including your knowledgeable Santa Barbara Realtor® and an experienced local mortgage professional. Call me whenever you need to solve any similar Santa Barbara real estate dilemma. I’ll be at your side to help protect something else: your nest egg!