Selling & Buying a Home At the SAME Time?

Selling a home can be a daunting process, especially if you haven’t found your next dream home yet. However, there are several strategies you can use to list your home before finding a new home to purchase. In this article, we’ll explore some of these strategies.

 

Consider a Rent-Back Agreement

A rent-back agreement is an agreement between the seller and buyer that allows the seller to remain in the home for a set period of time after closing. This can give you more time to find your next home without having to rush the selling process.

 

Make Contingent Offers

A contingent offer is an offer that is contingent on the sale of your current home. This means that you will only purchase the new home if your current home sells. While some sellers may not be open to contingent offers, it’s worth exploring this option with your real estate agent.

 

Use a Bridge Loan

A bridge loan is a short-term loan that can help you purchase your next home before your current home sells. This type of loan can be risky, so it’s important to consult with a financial advisor before considering this option.

 

Rent Out Your Current Home

If you’re unable to sell your home before purchasing your next home, you may consider renting out your current home. This can provide you with additional income to put towards your new home purchase.

 

Price Your Home Competitively

If you’re in a hurry to sell your home, consider pricing it competitively. This can help attract more potential buyers and increase the chances of a quick sale.

 

Consider a Contingent Sale

A contingent sale is an agreement between the buyer and seller that the purchase is contingent on the sale of the buyer’s current home. This can give you more flexibility in your home search and can also help you avoid the stress of having two mortgages at once.

 

Selling a home before finding a new home to purchase can be challenging, but there are several strategies you can use to make the process easier. From rent-back agreements to contingent offers, it’s important to explore all your options with your real estate agent and financial advisor to determine the best course of action for your situation.