Here are your options when buying and selling a home at the same time.
How do you buy and sell at the same time? This is a tough question, but fortunately, my team has plenty of experience with this situation. Today I want to go over how you can buy and sell simultaneously. The first thing you need to decide is if you want to sell first or buy first. Let’s go over each option:
If you want to buy first, you can put in a home-sale contingency in your offers. This means your offer will only go through once you’ve sold your home. In our current market, this isn’t a great option. Offers are so competitive that most sellers won’t consider one contingent on the sale of your home. Another option is to see if you can qualify for two mortgages. This way, you can sell your old home from the comfort of your new one.
“In our hot market, buyers are more likely to accept a leaseback agreement.”
The other option is to sell your home first. This way, you have access to the equity in your home before you buy. If you need access to your equity before you buy, you can try to arrange a leaseback agreement with your buyer. In this situation, you would continue to live in your old home for an agreed-upon time while you shop for your new home. Sellers have a lot of leverage in this market, so this contingency might be more realistic than a home-sale contingency.
If you would like to buy and sell a home at the same time, I have plenty of experience in this situation. I would love to talk to you about what option is best for you; just give me a call or shoot me an email.