Here’s how to sell a home without becoming homeless.
Selling a home without becoming homeless is an issue in today’s market. If people aren’t properly informed by their agents when they buy or sell a home, they can be left out in the cold. That’s why today I’m going to discuss three options that you can use to avoid this problem, including some example scenarios.
The first and best option is a simultaneous close. That’s when you time your sale and your purchase to close around the same time. Though this is the ideal scenario, many things can go wrong with it. You can have delayed escrows, or a difficult buyer who slows down the process with trivial demands. This can be especially frustrating for people whose transactions aren’t even closing in the same area.
My suggestion is that when you list your home and get it under contract, make it clear to buyers that you will need a one- or two-day period to get out of your old house. Of course, you may need to make some concessions on that front, such as by paying rent for that period or leaving money in escrow as a sort of guarantee that you’ll leave the house in the same condition as when the buyers last saw it.
"A simultaneous close is ideal, but it has potential issues associated with it."
The next option is to speak with your lender and see if you can qualify to purchase before you sell your home. This option takes a lot of extra funds to work since you won’t be able to put the proceeds of your home sale toward your purchase.
If you want to sell before you buy, another option is to talk to your lender about a leaseback. Lenders allow up to a 59-day leaseback. This way, you’d be able to make it clear when you first list the home that you’ll need a leaseback, meaning any potential buyers you get will be ready to accommodate your needs.
If you’d like to discuss these three options in more detail, or you have any other real estate questions, don’t hesitate to reach out to me by call, text, or email. I’d love to help you.