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 3 ways that you can make buying & selling simultaneously work for you and your family. It’s really not as scary as it may seem!
First: 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 during that timeframe, before moving into the new home.
Second: Ask for a rent-back from the buyers.
Also known as a post-settlement occupancy agreement, a rent-back allows you / sellers to stay in the property until a specified date past closing. After settlement, the occupant would pay rent to the current owner (acting as a landlord for 30-60 days). This would allow you 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!
Third: 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.
Something Important
Important Tip: 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 and settlement contingency — which means you will buy the home only if you can successfully sell your existing home.
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, please communicate with us. Along with a trusted lender, I can help you decide which option may be best for you to be a strong buyer.
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