Moving can be risky. Granted, it doesn’t usually start out with much jeopardy. You shuttle yourself and your belongings from a college dorm or your parent’s house into an apartment, and then maybe to another apartment and another. But when you buy a house, that’s when the financial risk kicks in. A move can be incredibly expensive – even if everything goes perfectly.
There’s no way to remove all risk from selling a residence and moving into another, but if you want to try to minimize the financial dangers, then, as they say on TV – kids, don’t try any of this at home.
Selling your home before closing on a new home. Plenty of people do this because they need the money from the sale of their current home to buy the next one. But this is actually a risk. It’s one of the most common risks homeowners take, according to industry professionals, and while problems may be rare, it can be a colossal mistake.