How to Sell a House and Buy a House at the Same Time
Selling and Buying a Home at the Same Time
Preparation is key when you are going to be selling your home and buying another house at the same time. First, make sure that your house is ready to sell by completing any repairs or renovations that will help your house sell for the highest price. Hire a real estate agent who will be able to help you sell and buy your next home, who can advise you on staging and marketing. Next, make sure your finances are in order. Talk to your lender for the different options for buying your next home. Most people do not have the funds to buy another house before selling their current home. While you could put your stuff in storage and rent while you’re looking for your next place, who wants to move twice? There are several ways you can use your current home as equity to afford your next house in the meantime. For example, you can use a HELOC, which is a home equity line of credit, a bridge loan, other investment accounts, or a low down payment mortgage to qualify to purchase another home. Additionally, during the selling and buying process, there are certain dates that you will be able to negotiate to make the timing work for you. Some sellers even do a rent back to give themselves a little bit of buffer to complete escrow on the house they are buying and move out.
There are some common mistakes that people make when trying to buy and sell homes at the same time. Make sure that you leave yourself enough cushion both time wise and financially to make sure that both transactions can run smoothly. If you do not get preapproved for your new house loan and get in over your head on a home you don’t get approved for, both transactions can fall apart in the blink of an eye. This is why it is very important to talk to a lender prior to beginning the buying and selling process.
Buying and selling a home at the same time can get complicated, but we’re here to help!
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