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Today we are going to discuss the options that you have when you want to both buy a home and sell a home at the same time. If you’re planning on balancing these two tasks, we’ve got some good advice for you.
We’ve sold many homes throughout the years and when sellers have to sell their current homes in order to buy a replacement, the thing they have been most concerned with is having to deal with either paying two mortgages at once, or not having a place to stay if they sold their home before they found one to buy. In these types of situations, you have three options.
We’ve sold many homes throughout the years and when sellers have to sell their current homes in order to buy a replacement, the thing they have been most concerned with is having to deal with either paying two mortgages at once, or not having a place to stay if they sold their home before they found one to buy. In these types of situations, you have three options.
1. Temporary rental. You could find a place temporarily to move your things into while you’re searching for a more permanent home. You’ll have all the time you need to search, but the danger is that in a strong market like this one, you risk paying a much higher price if you wait too long.
2. Rent-back. With this option, you work an agreement into the contract that states the buyer will rent the home back to you for a certain amount of time so you can find your new home.
3. Contingent sale. This is the only guaranteed way to buy and sell at the same time. You can sell your home contingent on finding a new one to purchase first, and can buy a home with a contingency that you have to sell your current one first. This method protects you, but may cause buyers or sellers to pass on your offer. Sellers specifically like to see few contingencies.
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The right choice will save you thousands.
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So, which is the best for you? It will take time to figure out, and will require you to consider market conditions, trends, timing, and your individual circumstances. The right choice could end up saving you thousands.
If you have any questions or topics on your mind you’d like to ask us about, give us a call or send us an email. We look forward to hearing from you!
