Six options for those who need to buy a home before selling.
How do you buy a home when you have to sell at the same time? Today I will be answering this question as part of the series I’m making for home sellers. If you have to make this real estate move, here are some of the things that you can do:
1. Talk to a lender. You can use one of our preferred lenders if you like, and ask them what options you have and what you can afford. Also, make sure to discuss whether you can afford two mortgages or not. You can buy the home, and then we can get your old house ready and sell it while you're in the new home. However, if this isn’t possible, there are other routes that you can take.
2. Make an offer with a home-sale contingency.
"Make sure to discuss with your lender whether you can afford two mortgages or not."
3. Get a leaseback agreement. You can sell your home and request a leaseback. If the people that bought your home are financed, then you can ask for a 60-day leaseback. If they paid cash, you can ask for a little bit longer time.
4. Talk to a real estate professional. Reach out to me so we can discuss a strategy for your situation.
5. Sell your home and secure temporary housing.
6. Get a bridge loan. Talk to the lender about, and check if they can give you a bridge loan.
If you want more details on how you can buy a home while selling your old one, or have any real estate concerns, don’t hesitate to call or email me. I’ll be happy to help.