Buying While Selling? Consider These Options
by: lauren, on January 4, 2023 - Uncategorized
So how do you buy a home before selling your current one? It can be a challenge to sell your house while buying a new one, especially in today’s seller’s market. Fortunately, there are a few options you can take to make the process easier:
1. Sell your house with the condition of finding a replacement home. List with the condition that the sale of your home is contingent upon you finding a replacement home within a certain period. Here’s how you can do it: get your home on the market and secure a buyer. Then you can buy a home that’s not contingent on selling but upon closing. To make this successful, you need to find the right buyers willing to do that.
2. Make an offer contingent on the one you’re selling. Your property goes on the market, and if another buyer buys the one you want, you have the right of first refusal to remove your home-sale contingency and still move forward. If you’re unable to remove the home sale contingency, then you’re subject to someone else buying that home. That’s always a challenge, because in today’s market inventory is still so low that the home you’re trying to buy might be the greatest property.
“We have lenders willing to loan you the money upfront, so you can purchase the new home.”
3. Make a rent-back agreement. You reserve the right to stay in the home you sold and rent it back for a certain period. You can stay and negotiate a deal where you have 90 days and stay there rent-free. With the money you got from the sale, you can be a cash buyer and won’t have to purchase the new home with a contingency.
4. Get a bridge loan. We have lenders that are willing to loan you the money upfront, so you can purchase the new home. Once you sold, you can pay that money back.
There are lots of options to make buying while selling possible in today’s competitive market. If you’re thinking about buying and selling a home, email me at Jeff@thequintingroup.com or call me at (609) 398-5333.