These are four ways you can buy and sell a home at the same time.
I’ve been in real estate a long time, and something I’ve learned is that people value the ability to buy and sell at the same time. It makes sense; moving is stressful enough already without having to worry about where you’re going to stay while you shop for a new home. That’s why today, I want to go over your options when buying simultaneously.
Your first option is to pay cash for your new home before you sell. Unfortunately, this option isn’t available to everyone. We find that only 20% of our clients are in a position to pay cash for a new home before selling.
Another option you have is to talk to your lender and see if you can qualify for two loans. Sometimes, lenders can offer special loans called bridge loans to help you move; some people can even qualify for two conventional loans. This market is great for this option because once you buy your new home, it shouldn’t take very long to sell your old one. If you sell quickly, you may only have to make one or two double payments.
“Post-occupancy agreements are more common in sellers’ markets. ”
A third option is to negotiate a post-occupancy agreement with your buyer. In this situation, your buyer agrees to rent your old home back to you for a specified time while you search for a new place. In a seller’s market like ours, this option is becoming increasingly popular.
The fourth way to buy and sell at the same time is to use a home sale contingency. When you make an offer on a home, you include a contingency that says the sale can only go through once you sell your current home. This option is usually more common in a buyer’s market.
If you have any questions about this process, please call or email me or my team. We would love to help you in any way we can.