How Do I Buy A New Home and Sell My Existing Home At The Same Time?
Buying and selling a home at the same time can be a complex process, but it is possible with careful planning and execution. Here are the steps you should take to ensure a smooth and successful transaction:
Determine your financing options: First, consider how you will finance both the purchase of your new home and the sale of your current one. You may need to obtain a bridge loan, which is a short-term loan that provides the funds you need to purchase your new home before your current home sells.
Price your home competitively: Before you list your home for sale, work with us to determine a fair and competitive price. This will help your home sell quickly, so you can move on to your new home without delay.
Make any necessary repairs or upgrades: If your home needs any repairs or upgrades, such as a fresh coat of paint or new flooring, make these improvements before you list your home for sale. This will help your home sell faster and at a higher price.
Find your new home: Once you have a solid plan in place for selling your current home, start looking for a new home that meets your needs.
Here are a few strategies to consider:
Rent back: If you’re not able to time the sale and purchase of your home perfectly, you may want to consider a rent-back agreement. This allows you to stay in your current home for a period of time after the sale while you look for a new home.
Contingent offer: You can also make a contingent offer on the home you want to purchase, which means that the purchase of the new home is contingent upon the sale of your current home. This strategy can be riskier, as the seller may not be willing to accept a contingent offer.
Bridge loan: As mentioned earlier, a bridge loan can provide temporary financing to help you purchase your new home before your current home sells. This can be a good option if you need to move quickly and don’t have the cash on hand to make the purchase.
Sell first, then buy: Another option is to sell your current home first, and then use the proceeds to purchase your new home. This strategy eliminates the risk of carrying two mortgages at once, but it may also require you to find temporary housing between the sale of your current home and the purchase of your new one.
Ultimately, the best strategy for buying and selling a home at the same time depends on your individual circumstances and goals.
Donald Horne / Broker-Owner
Team Success Listing LLC
email@example.com / 810-338-0628