Buying & Selling at the Same Time
Monday May 31st, 2021
Buying a new home at the same time as you’re selling your current home is all about timing — 𝘢𝘯𝘥 𝘢 𝘨𝘰𝘰𝘥 𝘢𝘨𝘦𝘯𝘵, of course.
Here are a few ways that you can make buying & selling work for you and your family, without having to move into short term housing.
𝗠𝗮𝗸𝗲 𝗮𝗻 𝗼𝗳𝗳𝗲𝗿 𝘄𝗶𝘁𝗵 𝗮 𝘀𝗮𝗹𝗲 𝗰𝗼𝗻𝘁𝗶𝗻𝗴𝗲𝗻𝗰𝘆-
In this scenario, you would focus on finding a new home 𝘣𝘦𝘧𝘰𝘳𝘦 you list your current home. Once you find a home you love, you will submit an offer with a home sale and settlement contingency- which means you will buy the home only if you can successfully sell your existing home.
𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗮𝗻 𝗲𝘅𝘁𝗲𝗻𝗱𝗲𝗱 𝗰𝗹𝗼𝘀𝗶𝗻𝗴-
This is a great tactic if you’re confident that your current home will sell quickly. With this scenario, you can request to extend the closing date of your new home past the typical 30-45 days. This will give you enough time to sell your current home during that timeframe, before moving into the new home.
𝗔𝘀𝗸 𝗳𝗼𝗿 𝗮 𝗿𝗲𝗻𝘁-𝗯𝗮𝗰𝗸 𝗮𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁
Also known as a post-settlement occupancy agreement, a rent-back allows sellers to stay in their home until a specified date past closing. After settlement, you (the sellers) would pay rent to the buyer who now owns the home (almost as if they are your new landlord for 30-60 days). This would allow you the time and money to find a new home with no contingencies.
𝗧𝗮𝗸𝗲 𝗼𝘂𝘁 𝗮 𝗛𝗼𝗺𝗲 𝗘𝗾𝘂𝗶𝘁𝘆 𝗟𝗶𝗻𝗲 𝗼𝗳 𝗖𝗿𝗲𝗱𝗶𝘁 (𝗛𝗘𝗟𝗢𝗖)-
A HELOC allows you to borrow against the equity in your current home. You can use this money as your down payment on the new home, and pay if off once your current home sells.
Buying and selling at the same time can be complicated, and at times overwhelming, which is why I am here help make it as stress-free and exciting as possible! If you are thinking of buying and selling at the same time, give me a call.📲 I can help you decide which option may be best for you.