Looking for a little more space but need to sell your current home first?
In a perfect world, buying and selling simultaneously would be a perfectly-timed affair.
But the reality is, sometimes things take a bit longer, or securing a new home is contingent upon the sale of the old home.
Luckily, there are a few tricks and strategies you can utilize to smooth out any wrinkles in the plan.
Leasebacks – Leasebacks allow you to sell your home and then rent it back temporarily from the new owner. It buys you time to find and close on your dream home without rushing or having to move twice.
Bridge loans – This type of loan acts as a temporary financing solution, bridging the financial gap between selling your current home and purchasing a new one. They often involve two phases.
Phase 1 – You may not have to make monthly payments on your new home, but interest accrues.
Phase 2 – Once your current home sells, you use the proceeds to pay off the bridge loan, including accrued interest.
Bonus? A bridge loan can free you from the contingency of selling your current home before buying a new one. Translation? You get a competitive edge in a hot real estate market where homes are snatched up quickly.
If you’re planning to buy and sell at the same time, here are a few more things to keep in mind:
• Sync your closing dates as best as you can.
• Have a backup plan for where you’ll go if the timing doesn’t perfectly align.
• Communicate often with your real estate team.
• Try not to let all the details get the best of you. Remember, this is temporary, and soon, you’ll be settled into your new home.
Want to Learn More About Buying & Selling? Message us for our complimentary “Buying & Selling Simultaneously” guide!
“Bringing You Home to the Good Life”
Morrison Bifford Real Estate Group
Royal LePage Locations West Realty
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