We Have 11 Pro Tips on How To Buy and Sell At The Same Time!
If you are thinking of buying or selling, CONTACT US TODAY to discuss which of these strategies might work best for you.
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- Purchase new construction – You can put your current house on the market as you get close to the closing date of your new construction home, then line up your closing dates once you accept an offer on the house you are selling. In some cases, we can help you find homes under construction that are not on the open market yet.
- Buy land, build custom – Build your dream home on your own timeline. As in the option above, sell as you get close to completion and line up the closing dates.
- Got Equity? Get a bridge loan – This is short-term temporary financing that may allow you to build or buy your next home while you continue to live in the home you will eventually sell. We can connect you with a lender who can show you your options if this tip or the next one appeal to you.
- Take out a Home Equity Line of Credit – Borrow against your current home to fund the down payment on your new home. Very commonly used.
- Borrow against your 401K – Similar to borrowing against the equity in your home, but in this case you are borrowing against the money you have saved for retirement. Some special circumstances apply due to COVID. Consult your financial advisor or tax professional.
- Opt to rent for a bit – If you prefer not to take out additional debt, this option may work for you. It gives you flexibility to find your new home over a longer time frame, and you can explore new areas to live without rushing your decision.
- Explore less competitive areas – Try “up and coming” neighborhoods instead of HOT ones. If you no longer need to commute, buy in a different town than the specific location of your employer.
- Seller financing – While not as common, sometimes a flexible seller will agree to a short-term financing agreement so you can move into your new house, then sell your old house.
- Negotiate a lease back – Many buyers are willing to let you rent back your home for up to 60 days after closing, giving you time to find your next home.
- Negotiate an extended closing period – This gives you a longer period before you close on the sale. When combined with a lease back option, it could ensure that you have the time you need to find a new home and coordinate the closing dates.
- Submit a contingent offer – In this scenario, the purchase of the new home is contingent on the sale of your current home. This is advantageous if your current home already has an accepted offer, and is more common now that many people are trying to buy and sell at the same time.