Tips for Buying & Selling A Home At The Same Time
In this blog post I’ll answer the age old question how to buy and sell a house at the same time!
I won’t say it is an easy process or that it won’t be stressful, but please know there are options out there for you. Below are a few options.....
List, Then Make an Offer: List your home for sale, then make an offer on a new home that is contingent on the sale of your home. In a seller's market this option can be challenging.
Request a Lease-Back: Sign a lease-back agreement with the new owners. This will allow you to live there until you find a new home. Note, if the buyer is also getting a loan the amount of lease back time is typically capped at 30 to 60 days.
Find a Temporary Rental: Find a temporary rental to live in after you sell, while you search for your new home.
Make an Offer, Then List: Put an offer on a new home that is contingent on the sale of your current home, then put your home up for sale. This option can also be challenging in a seller's market.
Get a New Loan: Purchase your new home using a HELOC or bridge loan.
Rent Your House: Rent out your current home in order to afford your new one.
Purchase Your House with savings: If you’re in the financial position to do so, the simplest route is to use your savings to pay your new down payment, then sell your old home after the dust settles.
3 Tips to consider when deciding what option is best for you:
1. Evaluate what type of market we are in! Is it a buyer's or seller's market? The state of the market will often be the largest factor when timing purchasing and selling your home.
2.Choose an experienced real estate agent. Like I mentioned above buying and selling at the same time can be overwhelming and stressful. It’s important to have an experienced agent to walk you through timing, strategy and negotiations.
3.Understand your financials. Reach out to a mortgage lender and financial planner to see what your options are. The amount of cash, equity in your home, and the loan products you qualify for can factor into which path you choose.
As always, if you have any real estate questions please feel free to reach out to me at any time.