Here’s what you need to know about buying and selling at the same time.
Today I want to discuss a topic that’s on a lot of people’s minds: buying and selling a home at the same time. We have crazy low inventory right now, so it’s easy to sell your house. However, what do you do after? You have options, and I want to go over some of them with you today.
Generally, there are four ways to make an offer on a home before selling your old one. First, you buy with an offer contingent on putting your home on the market; second, you can make an offer contingent on your home going under contract; third, you can make an offer contingent on your home going into settlement; finally, you can make an offer that isn’t contingent on your home selling at all. The best offer is one that isn’t contingent on your sale. This isn’t an option for everyone, but if you can do it, it’s your best bet.
“Non-contingent offers have a big advantage.”
Once you decide which of these four options is best for you, there are a few things you can do to make the process go smoothly. First, get your home ready months in advance. If your offer is contingent on a sale, you need to let your seller know that they won’t have to wait around forever while you get your property market ready.
Next, talk with your lender. You may be able to write a non-contingent offer. If you can, it will give you a huge leg up over the competition and make the buying and selling process much easier.
You may also want to consider a rent-back agreement. When you sell your home, you can negotiate with your buyer to rent your property back for a set period of time. This should give you time to shop for your new home from the comfort of your old one.
Finally, understand that you’re buying and selling in the same market. The same advantages you have as a seller are the disadvantages you’ll face as a buyer. Make sure you work with an experienced agent who understands your needs and how to meet them.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!
