Buying or selling a house can be a challenge enough, but imagine doing both at the same time. It's definitely possible, but how probable? Timing plays a huge role in being able to both
Buying and Selling Simutaneously
Buying or selling a house can be a challenge enough, but imagine doing both at the same time. It's definitely possible, but how probable? Timing plays a huge role in being able to both sell and purchase a new home at the same time. Let's talk about some of the options available if you choose to pursue the risky undertaking of both buying and selling.
First things first, you cannot do this alone. Find yourself an experienced and knowledgeable realtor that you can trust and lean on. Without professional help, you will be walking blindly through this process and quite possibly hurt yourself financially both right now and down the road.
From there, it's time to get your home ready for the market, and determine its resale value. Take a look into your financials. See what you're comfortable spending and determine your budget before house hunting. Determine a schedule you would like to maintain for both your buying and selling process so both align appropriately. Otherwise, you could be stuck with two mortgages for a short time or no residence at all. Your realtor should do their best to ensure your timeline, the buyers of your current home, and the sellers of your new home. That's three timelines that need to be in sync for things to go smoothly!
With the current market how it is, don’t feel pressured to rush into buying a home. Right now homes are selling fast, so it’s very likely you will sell your home before you buy a new one. Do not live in fear of having no place to live – plan ahead, and work with your realtor. Right now, realtors are pushing for buying with a contingency to sell, which means you buy your new home only when your current home sells – and this eases the pressure significantly. It’s hard to come by, but a perfect world scenario!
You could also sell your home with a rent-back contingency, which means you are renting your home from the person or people who just bought it, for a limited amount of time. It's important to know your options and have a plan for each possible scenario, but this is when your realtor should step in and help out.
As a final note, try to avoid getting "help" from lenders, as these are realistically large loans that you will need to pay back over the long-term, or within 1 to 3 years, depending on the one you choose to take. Talk with your realtor about what's best for you and your specific situation, but try to deter from getting a loan at all.
The process of buying and selling at the same time is not impossible, but you need to be ready for all possible outcomes. Lean on your realtor to guide you through this! After they learn more about your specific situation, they’ll know what will be best.
I am a wife, a mom, a Grandma, a sister, a daughter and a Realtor. It is important to me to treat my clients as I would like my own family to be treated. I work ethically and honestly. My goal is a....