What do you do if you’re trying to sell your home at the same time you’re looking for a new one? Here are four tips to help you.
Today we’re going to discuss what your best options are for selling your home when you’re buying another one.
Do you sell first or buy first? Just know, there are options available. With this scenario, there are four avenues to choose from.
The first is a contingent purchase. This is when the purchase of your next home is contingent upon the sale of your current home. However, bear in mind that in this competitive market, it’s difficult to have a seller accept your offer contingent on the sale of your home because there will likely be other offers without this contingency.
The second is a contingent sale. This is when you list your home for sale but let the buyers know that you still need to find a new one, and you accept an offer contingent upon finding a new home.
Third, we have bridge loans. Here, you pull equity from your current home in order to purchase a new one. However, you will need to qualify for both mortgages.
Lastly, you can rent back. In this situation, you’ve found and accepted a buyer’s offer, but while you’re looking for your next home, you pay rent on your current one.
We’ve helped hundreds of buyers and sellers with this process, so we’re more than happy to answer any questions. If you’d like a free consultation, give us a call, or shoot us an email. Have a great day!