How to Buy When You Need to Sell
As realtors, we hear over and over again that homeowners are interested in moving, but they don’t know how to manage the logistics of selling and buying at the same time. This is one of the biggest challenges homeowners face when they are ready to take the next step. In an ideal world, you’d buy a new home, move, and then, and when all the dust settles, deal with the turmoil of selling. But for most people, that’s very unrealistic.
Here are your four best options for how you can manage your situation as you look to sell and buy in today’s market:
- Your first option is to shop and find a new home before listing your current one. You would write an offer with the home sale contingency, and then move on with the listing process. The benefit of this option is that you don’t have the stress of selling your home in the time period of finding and closing on your new one. On the other hand, it is very difficult to compete with the home sale contingency in today’s market.
- Your second option would be to list your home first and then start shopping. You may still have to write a home sale contingency, but at least your home will be active and you may be able to secure an offer on your property before the offer is written.
- Your third option is to talk to your mortgage lender to see if you qualify to purchase a home while you still own your current home. The downside of this is that you will have to deal with more than one mortgage, but in a hot seller’s market, there’s a good chance your home will sell and the risk is limited. You may be able to time things up nicely where you can avoid that double payment all together.
- Your fourth option is to put your home on the market and plan on renting. You may have a double move, but at least you will be in control of your situation when you’re ready to buy, and you won’t be stuck with a double mortgage payment or a subject to sale contingency.
If you have any further questions, please feel free to reach out to a member of our team. We’re happy to help clarify so you figure out what the best option is for you!