Here are five options you have when buying and selling at the same time.
“Should I sell my home before buying a new one?” Sellers in today’s market ask me this all the time. Many homeowners need to buy and sell within a short timeframe. Fortunately, you have options, and I want to go over them with you today:
1. Get a second mortgage. If you can carry both payments for a few months, you’ll have plenty of time to buy first and sell your old house from the comfort of your new one. Unfortunately, not everyone can afford to go this route.
2. Use a blanket loan. This lets you cover multiple properties under a single mortgage. This is possible because your group of assets will serve as collateral. Not too many lenders offer blanket loans, but I know a few great local ones who do. Get in touch with me if you want to learn more.
3. Move twice. Most people don’t want to move twice, but you might have to. The benefit of this option is that you won’t have a deadline to find your new home. However, finding temporary housing can be a pain.
4. Negotiate a leaseback. You can negotiate with your buyer to let you stay in your home for a period after closing.
5. Make a contingent offer. It’s rare in this market, but you might be able to find a seller willing to accept an offer contingent on the sale of your old home.
My team has helped countless people buy and sell a home in this market, and we’d love to help you too. Just call or email me; I look forward to hearing from you!