So I have started the process of looking for a new house - upgrading from my current situation - and am going to be listing my place next week. I have found a place that I really like as it checks off a lot of boxes on my list, but my Realtor has advised against putting in an offer until my place sells.
If I did put an offer on this listing if would include the condition "upon sale on my current house". From my understanding this condition comes with a '48 hour clause' meaning that even though my offer is a accepted the house stays on the market and the owner can accept another offer, in which I will have 48 hours to meet all my conditions (sell my house) or my offer become invalid.
My question is basically: Ideally, would you rather have your house sold first then begin looking for your new house and put an offer in AFTER you have agreed to sell your house?
OR
Would you rather agree to purchase a new home then work on selling your current home?
What do you think is a typical scenario if it is different than your ideal scenario?
My Realtor says the reason that he advises against putting an offer in before the sale of my current place is that I will become invested in the home and it will feel like mine, then there is a good chance the deal will fall through if I can't sell my place. He also says that if I have a deadline to sell my house I am more likely to take a lowball, or lower offer than i would otherwise take. I don't see any harm in putting an offer in and I don't know why my realtor advises against it. Am I missing something?
My opinion is that if I don't make an offer than I don't have any chance to own the house. If I do make an offer and it falls through I will move on.
My opinion is also that If I sell first then I have a timeline to buy a new house and may compromise on things that I otherwise would have not. Which would affect me for the whole time I live there, which I plan to be 5-10 years. If I put an offer first and lose the home I am ok with that because I understand the circumstances. If I have to make a tough decision (low offer) on the sale of my place in order to satisfy my conditions to buy the new place I will have to decide when that time comes. I am ok with that.
I know the easy response would be "Find a Realtor that does what you want" and I know I can do that. I am looking for opinions as I am curious about your opinions. Hopefully some of the resident realtors chime in!