What Will I Do When I Sell My Mission Viejo House?

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What Will I Do When I Sell My Mission Viejo House?

What Will I Do When I Sell My Mission Viejo House?

In today’s Mission Viejo  real estate market, after more than a year and a half of steady price increases, more Mission Viejo home owners actually have equity in their houses again, causing them to ask “is this the best time to sell my Mission Viejo house?”  This equity, combined with still historically low home mortgage interest rates, has made moving up, moving down, or moving out of town a choice for some Mission Viejo home owners once again.  This then begs the obvious question “how do I buy a new house when I have to sell my current house to have enough money to buy the new house?”  Glad you asked.  Here are the three options you have today if you’re asking your self should I sell my Mission Viejo house in order to harvest their equity and move up, move down, or move out or town.  We’ll just call it Moving On.

Moving On Option 1 – Sell your house, move all of your furniture into storage, and move yourself into a hotel room, an apartment, a hostel, your parent’s guest room, your children’s guest room, your time share, or corporate housing (also referred to as a short term rental.)  This would allow you to deposit all the money you made selling your house into the bank, shop for a new home from your temporary home, and make a non-contingent offer on your new home once you find it.  Then you buy the new home and move your furniture out of storage and into the new home, and move yourselves out of the last place on earth you ever want to temporally live in again.

Moving On Option 2 – Sell your house with a contingency for finding a replacement house and closing both transactions simultaneously so the money from the one you sell flows into the one you buy.  This can happen.  It has been done.  You just have to convince your buyer to give you 30 days or so to find a replacement home and then another 30 days or so to close escrow.  Nothing to it.  Then you make a contingent offer on the house you and your Realtor work really hard to find, but it’s a pretty strong contingent offer since you’ve already got a buyer.  You only move once, you don’t have to put your stuff in storage, and some sellers will take a contingent offer.  Not a bad choice at all.

Moving On Option 3 – Ask your buyers for a rent back for 45 days or so after they own your house. This is where you rent the house you used to own from the new owners, your buyers.  This will give you time to deposit all the money you earned into your bank; find the house you what,; and open and close escrow on that house then move in.  So simple.  You just have to pay the buyers’ actual costs for the house while you rent it from them – which may be more than it was costing you to live there.  Heck – this saves you moving twice, ever putting your stuff in storage, or ever having to make a contingent offer.

So don’t be afraid to sell your Mission Viejo house today if there’s somewhere else you’d rather be living at this stage of your life.  There are options.  You’ll know which one is right for you when your mind starts asking the question “should I sell my Mission Viejo house?”  Promise.

I’m Leslie Eskildsen.  Just keeping it real in Mission Viejo real estate.  And in the Orange County Register.

Call.  949-678-3373

Text. 949-678-3373

Email Leslie@LeslieEskildsen.com

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