Making the transition between homes can be difficult. Here are just a few tips on how to buy and sell at the same time.
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I get asked a lot about the process of buying and selling a home at the same time. Many people refer to this as a “contingent purchase.”
There are a few ways this can be done. What typically happens, though, is that I get a call from someone who already owns a home and needs to sell that current property before they can move on to the process of buying a new one.
In circumstances like these it’s important to keep in mind that your offer is stronger if your home is listed for sale and is further along in the process.
This is especially true if things like inspections and appraisals are already taken care of. The further along you are in completing things listed among your contingencies, the better your chances are of getting your offer accepted by another seller.
Also, even if you can afford to buy a home without the purchase being contingent on the sale of your current house, be cautious in doing so.
Your offer is stronger if your home is listed for sale and is further along in the process.
Something I recommend is getting out there and making sure that what you’re looking for is available somewhere on the market before listing your home.
Obviously, everyone's situation is going to be different. The amount of equity you have in one property or another, for example, can affect some of these decisions.
There is also the consideration of where you are going to live between the sale of one home and the purchase of the next. What many people do to avoid this uncertainty is to rent back their old property while looking for the next. Using a rent-back agreement can give you some extra time to move out of a home.
However, rent-backs are ideally kept to a short period of time.
So if you have any other questions or want more information, feel free to get in touch by giving me a call or sending an email. I look more forward to hearing from you soon.
There are a few ways this can be done. What typically happens, though, is that I get a call from someone who already owns a home and needs to sell that current property before they can move on to the process of buying a new one.
In circumstances like these it’s important to keep in mind that your offer is stronger if your home is listed for sale and is further along in the process.
This is especially true if things like inspections and appraisals are already taken care of. The further along you are in completing things listed among your contingencies, the better your chances are of getting your offer accepted by another seller.
Also, even if you can afford to buy a home without the purchase being contingent on the sale of your current house, be cautious in doing so.
Your offer is stronger if your home is listed for sale and is further along in the process.
Obviously, everyone's situation is going to be different. The amount of equity you have in one property or another, for example, can affect some of these decisions.
There is also the consideration of where you are going to live between the sale of one home and the purchase of the next. What many people do to avoid this uncertainty is to rent back their old property while looking for the next. Using a rent-back agreement can give you some extra time to move out of a home.
However, rent-backs are ideally kept to a short period of time.
So if you have any other questions or want more information, feel free to get in touch by giving me a call or sending an email. I look more forward to hearing from you soon.
