What happens if you cannot find another home after you sell your current one?
It seems like every week I sit down with a family that asks me this same question. Here are a few ways you can successfully buy and sell a home at the same time.
First, you can buy your next home without selling your current one. This option does not apply to everyone, but you could refinance your current home or pull out an equity line on it in order to buy your next home. A family member could also provide a short-term loan, which would make your home sale more comfortable and put you in a better position to buy your next home.
Second, you could negotiate a rent-back agreement with your home’s buyer that will allow you to stay in your home for a short period after it is sold. This will give you time to find a new one. You will have the normal 30-day escrow period and another 30 to 45 days after the home is sold to find and close on your next house.
If you are upgrading from a red-hot price range to one that is not as hot, you can make an offer that’s contingent on your home selling. I just did this for a couple clients of mine. They were selling their home for $300,000 and moving up to a higher price range. During this process, we were able to get the seller to accept their offer before they listed their original home. Once they did, they got 18 offers for it.
Lastly, you could have another place set aside to live in between selling and buying, like a short-term rental or a family member’s basement. This is an option a lot of people prefer to avoid.
My recommendation is to go on faith. You will find a house—all my clients have. On that note, stay tuned for my next video where I’ll talk about how we find homes that aren’t on the market that our clients get the first look at.
In the meantime, if you have any other questions about how to buy and sell at the same time or you have any other real estate needs, please reach out to me. I would love to help you.