Buy and Sell a Home at the Same Time
Having to buy and sell a home at the same time is tricky. People often find this to be a difficult decision, so let’s look at your options.
Your first step should be to talk with a trusted mortgage lender. They will help you guide through your options and help you determine whether closing on the sale of your home is a condition of obtaining your new mortgage.
If you choose to buy first and sell later, you can enjoy your home search without the pressure of having to sell. You don’t have to worry about interim housing, and you aren’t rushed to move either.
Just because you can buy first and sell later doesn’t mean you should. Holding two mortgages at once is not for the faint of heart, but it can give you a better chance of finding your dream home.
Selling your home first is often your best bet if you need the proceeds from a home sale to close on the purchase of your new home. However, you might need to consider some interim housing or a leaseback from the buyer in the interim.
A simultaneous close, or concurrent sale, can be arranged and negotiated. We’ve done this for several clients. It does require some pre-planning, though. If you are considering this option, we should talk about what your home might sell for in the current market so I can help you gage equity and the amount of down payment that you’ll have available for your purchase.
If you have any questions about buying a home, selling one, or doing both at the same time, don’t hesitate to reach out and give me a call or send me an email. I would love to hear from you.
