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Selling Your Home and Buying a New One? Here’s What You Need To Know

Three options for people who need to buy and sell at the same time.

Do you already own a home but want to buy a new one? Unfortunately, not everyone has the money to keep two homes and pay both mortgages. Most people will have to sell their current property to have the funds to pay for the new house. However, two transactions can sometimes mean double the headache. If you’re in this position, what can you do to ensure a successful home purchase?

One option that you have is to include a home-sale contingency clause in your offer. This means you will only buy the new home if your current one sells. If it doesn’t, you are free to walk out of the purchase agreement. However, home-sale contingencies can make your offer less attractive to sellers because it introduces uncertainty, may cause delays, and has the potential to make the deal fall through. Therefore, here are three things you can do to help with this process: 

1. Make a competitive offer. Consider presenting a competitive purchase price or better terms. You need to work to make your offer worth their while. Consider working with their timeline or offering a higher price, and even though those things may not be ideal, you can work toward a win-win. 

“We can guide you through the complexities of buying and selling.”

2. Be selective with your terms when selling. In a seller’s market, you hold the power, so when you go to sell your current home, you can choose terms that are best for you. You can even choose terms that allow possession after closing and renting back the property. You may be surprised by how willing buyers are in this market. 

3. Consider doing a pre-sale with a builder. It takes time to have a house built for you, which gives you plenty of time to get your current home sold. Plus, this allows you to make all of the choices on your new home with things like flooring, countertops, paint, and so much more. We represent builders that we would be happy to connect you with. 

If you’re feeling uncertain about this process, please don’t hesitate to reach out. We have a proven track record of helping people through this kind of situation, so we can guide you through the complexities of buying and selling at the same time. You can call or email us anytime; we would be happy to hear from you.

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