How do you buy a home before you sell your home? Many sellers that reach out to me make it clear that they want to buy their next home while they navigate the selling process. After all, buying and selling at the same time provides an added sense of security and one painless move. Buying and selling a home at the same time can be a little tricky, so here’s my advice:
1. Making an offer contingent on the sale of your home is not the best option. As a listing agent who handles multiple offers, I know from experience when we receive an offer that’s contingent, it’s deemed instantly less attractive. You could pull the trigger on a new home by paying cash, financing it through a home equity loan, or borrowing against retirement savings. These are short-term loans to cover the interval between the two transactions.
“Make a confident, non-contingent offer on your next home.”
2. Consider selling first and then negotiating a rent back. We negotiate on the sale with the buyer of your property to allow a rent-back period, wherein you’ll rent from the new owners and have time to get your purchase squared away. During this rent-back period, you’ll already have the proceeds from the sale, and you will no longer be a contingent buyer.
3. Use the Raveis Purchase Program. We will pay you the market value of your current home with the flexibility of closing and moving when it works for you. I have firsthand experience with this program, and it allows home sellers to make confident, non-contingent offers on their next homes.
If you have any questions about buying or selling, please give me a call or send me an email. I look forward to hearing from you.
