How Can You Buy and Sell at the Same Time?
It is possible to buy and sell a home at the same time. Here’s how you do it.
A lot of people have been asking me lately how they should go about selling their home and buying a new one at the same time. I’ve got some advice to share with anyone in a similar situation today.
The first thing you should do is speak to a local lender and apply for financing. If you can hold two mortgages at once, that makes the process a little smoother. Otherwise, you’ll have to sell before you buy. Most people can not get approved for two mortgages at once, so what we can do is schedule a simultaneous closing.
"A rent-back isn’t preferred, but helps you avoid moving twice.”
A simultaneous closing involves us finding your new home and making a contingent offer that is subject to you selling your current home. When we’re doing this, it’s very important that your home is on the market and priced accordingly. If it isn’t, sellers won’t want to accept your offer because they won’t think you can close on your home sale.
A third option is the rent-back where we sell your current home and then rent the home back from the new buyers until you find your new home. It’s not a preferred option, but can be convenient and help you avoid moving twice.
If you have any questions for me about buying a home, selling a home, or real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
Post a Comment