TIPS for Buying a Home While Selling Your Home

When buying a new home and selling your current home at the same time, one transaction must happen first.   First talk to me & I will guide your through all the steps.  I will provide a FREE No-Obligation comparative market analysis to determine your homes value.   To determine your options on buying, contact your lender.   Your lender will tell you how much you can spend to buy a new home.  Your lender will tell you if you can buy a new home without  your home being contingent.   Whether you  must "sell to buy" or you can "buy without selling", you can put your home on the market contingent to your finding a suitable home.   Once you know what your home would sell for in today's market and what your lender will allow you to borrow, you can then determine if now is the right time for you to sell.

When you are  buying and selling a house at the same time, I will help you to  navigate in this current HOT Seller's Market  as both a buyer & a seller.  On one hand you will benefit as the seller but you may run into challenges as a buyer.   Inventory is at an all time low which has produced a very compeitition market when buying.   However, there are signs the housing market is beginning to cool off.    In a Seller's Market you may want to be creative to sell & buy.   To buy in this seller's market, your offers must be stronger than the others when you are NOT contingent on selling.   To make your offer stronger, understand what is most important to the seller, it might not only be the highest amount.  Terms matter - strong down payment, strong commitment to close, limits on inspections and bridging or waiving appraisals all make a stonger offer.

Creative Options when you are Buying a New Home & Selling Your Home.  

• Selling Your Home Contingent on Buying a New Home.  
• Ask for a "lease back" to provide you more time to find your "Just Right Home".  This allows you to "rent back" your home until you find a suitable home.
• Selling your Home & Renting until you find your "Just Right Home".  
• Staying with Relatives until you find your "Just Right Home".
• Renting your home instead of selling (check with your lender).
• Present offers with limited terms on inspection & appraisal to make your offer stronger.

• Allows you  to take your time finding your "Just Right" home
• Guarantees that you have a new home to move into when your old home sells.  In this market it is easier to sell then buy.
• You will only have to "move" once.  You save on movers & storage facilities.

• Financial Stains & Stress
• You may have 2 mortgage payments at once. 
• Due to time commitments you may be foreced to accept a lower offer on your home. 
• You don't know the equity on your home until you sell.  You may find you could have spent more on a new home or may have spent too much.

• You will know exactly how much equity you have in your home which helps you better determine what to spend on your New Home.
• Avoids paying 2 mortgages.
• Easier to qualify for a mortgage.

• You may be without a home for a period of time forcing you to look for a temporary living situation.
• There will be additional storage and moving costs.
• Home values may continue to increase before you can get an offer accepted.
• Interest rates may rise before you can lock in a lower rate.

Buying and Selling a Home is all about timing, and alot of luck.  Every Sale is Different.  Every Situation is Different.    It is best to prepare for the worse case situation and have Plan A, B, C, D etc..  After talking to me, find out from your lender if you can qualifity to buy without selling.  Talk to me about your particular requiements and we will work out a plan that works for you!  Call or Text me 201.693.7841.