If You Need to Buy and Sell, Which Comes First?

Buying and selling at the same time isn’t easy, but it certainly can be done. Here’s how we can help.

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If you need to sell your current home and buy a new one, how should you go about it? The good news is that you have options.

If you can buy a new home without having to sell first, you’re in a much better position. You can take the time to find the right home, buy it, then put your current home on the market and move at your leisure.

However, most people are in a position where they need to sell first, then take the money from the sale to fund the new home purchase. You can make an offer that’s contingent on the sale of your home, but most sellers don’t want to accept those kinds of offers. Sellers won’t take a chance on you having to sell your property in order to sell theirs.

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You may need to find temporary housing if you sell first.

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Once you do sell and need to move, you’ll likely need to find temporary housing in the form of a rental, moving in with friends or relatives. Seldom does it work perfectly where you can buy and sell simultaneously and move seamlessly. It happens, but the odds are against you.

If you have a significant amount of equity in your home, you can take a Home Equity Line of Credit (HELOC) out to purchase your new home and have more time to sell your current home.

Buying and selling simultaneously can be a puzzle, but it can be easily resolved. We’ve helped a ton of clients in this situation and we’d be happy to help you, too.

If you have any questions for me in the meantime, feel free to reach out via phone or email. I look forward to hearing from you soon.