If you need to sell and buy at the same time, you have three options.
Today’s hot seller’s market means many homeowners are jumping in to capitalize on growing demand. However, you still need a place to live after you sell your property. Today we’ll discuss the three ways you can buy and sell at the same time.
Before you start, review your finances and get pre-approved by a lender. This will help you know exactly how much you can afford and how much equity from your current home you can use as a down payment. Here are the three routes you can take:
1. Buy and then sell. Enjoy a smooth search without the pressures of trying to sell your home. You won’t need to find temporary housing, but you could be stuck paying multiple mortgages if you can’t sell your current home. You also won’t know how much equity you can use on a down payment.
“Each of these options has its pros and cons.”
2. Sell then buy. You won’t have two mortgages to worry about and you’ll know exactly how much equity can go towards your down payment. However, you’ll have to find somewhere to live temporarily, or arrange a leaseback from the buyer.
3. Buy and sell simultaneously. This route requires a lot of pre-planning and flexibility. We ask our clients to complete inspections and repairs upfront so that we can quickly arrange a sale.
We discuss these options with our clients and figure out which one works best for their needs. If you have any questions, don’t hesitate to give us a call. We look forward to hearing from you.
