Here are three ways you can buy and sell homes within a specific time frame.
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There are a few ways you can go about buying and selling homes. You can buy first and then sell, or sell first and then buy. You can also buy and sell at the same time, which is called a simultaneous close or concurrent sale.
Before you try any of these options, there are some things you’ll need to do. Getting pre-qualified with a lender will let you know exactly how much you can afford when you go to buy. You should also find out what you can sell your home for, which lets you know how much equity you have and what you can spend as a down payment.
“There are a few ways you can go about buying and selling homes.”
Here is how we use each of these strategies:
1. Buying first. By doing this, you can enjoy your search without the pressure of having to sell your current home. You won’t need interim housing and you can move without any rush. However, you may be stuck paying two mortgages and your equity will be unknown; we can make an estimate, but we won’t have an exact number until you sell.
2. Selling first. By doing this, you’ll know how much equity you have for a new house and you won’t have to pay two mortgages at once. However, you may need to find interim housing with family members or friends while you’re searching for a new home. Keep in mind, we can also negotiate a leaseback with the buyer of your current home.
3. Buying and selling at the same time. A concurrent sale takes a good amount of planning and flexibility. We’ve done this for many of our clients and a good plan is always an important key. For example, home inspections and appraisals must be done early to get the ball rolling on your sale.
If you’re thinking about buying or selling, have any questions, or need further information, feel free to reach out to me. We look forward to hearing from you.
