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Buying a new home, while at the same time you are 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 simultaneously work for you and your family. It’s really not as scary as it may seem!
• 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 should give you enough time to sell your current home and receive your proceeds before making settlement on your new residence.
• 𝐀𝐬𝐤 𝐟𝐨𝐫 𝐚 𝐫𝐞𝐧𝐭-𝐛𝐚𝐜𝐤 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐛𝐮𝐲𝐞𝐫𝐬.
Also known as a “interim occupancy agreement,” a rent-back allows you (sellers) to stay in the property until a specified date past closing. After settlement, the occupant (tenant) would pay rent to the current owner (acting as a landlord for 30-60 days). This would allow for extra time to find a new home — with no contingencies — while having the cash for the downpayment … all while not having to move twice into short-term housing!
• 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 it off once your current home sells.
(BONUS) 𝐌𝐚𝐤𝐞 𝐚𝐧 𝐨𝐟𝐟𝐞𝐫 𝐰𝐢𝐭𝐡 𝐚 𝐡𝐨𝐦𝐞 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 would submit an offer with a “home sale + settlement contingency” — which means you will only buy the home if you can successfully sell your existing.
Buying and selling at the same time can be complicated and (at times) overwhelming, which is why we are here help make it as stress-free and exciting as possible! If you are thinking of buying and selling at the same time, please call us. 📲 With a trusted (reputable) lender, we can equip you with all of the options in today’s market.