Today, we’ll discuss selling your home and buying a new home at the same time. Every person has a different ability to handle this type of transaction, both financially and emotionally.
One option is to buy before you sell. Once you have the new house, you can move your stuff into the new house and get the old property ready for the market. You really have to sit down with your lender to see if you can afford to do this, and, if so, how long you can afford to pay two mortgages.
On the other end of the spectrum, you can sell your house first, move into temporary housing, and then purchase your new home. You can stay with a friend or relative while shopping for a new house and keeping your belongings in storage.
There are many options in between these two extremes. Many people try to time their transactions. They list their property and wait for an offer. Meanwhile, they’re out looking for a new home. As soon you accept an offer on your house, then you can put an offer on the new property.
If you need to close on your house before you can purchase a new one, we will include a bump clause in your offer. This basically means that your offer is contingent on selling your home, and if a second offer comes along, your offer might get bumped.
Schedule a consultation with us to learn more. Keep the lines of communication open between us and your lender. Together, we can help guide you to choose the best option and ensure smooth transition between your old house and your new home.