How To Buy a Home Before Selling Yours

Three options for people who need to buy a home before selling.

Selling your current home before buying a new one is the conventional way to move. However, depending on your situation, there will be times when buying before you sell is the better option. Whatever your reason, you should know that buying first comes with additional risks, such as paying two mortgages, if your current home takes a long time to sell.

If you’re in a situation where you must buy first before selling, don’t worry. It’s not completely impossible, but it takes some strategic planning to make it happen. Here are three things you can do to help you buy before you sell:

1. Make an offer with a home-sale contingency. By including a home-sale contingency in your offer, you can purchase the new house once your existing one sells successfully. During the last few years, our market was so competitive that this option wasn't usually successful. However, home-sale contingencies have become increasingly popular as the market has slowed down. 

"Our One-Move Program revolutionizes the way people buy and sell homes."

2. Finance with a bridge loan. A bridge loan is a short-term, high-interest loan. When you buy with a bridge loan, you can use your existing home as collateral to get a loan for your new house. Not every lender offers bridge loans, and even among them, not everyone does it well. If you need to get in touch with a great lender, just reach out to me. I’d be more than happy to help. 

3. Use our One-Move Program. This program is revolutionizing the way people buy and sell homes. We’ll make a competitive offer on your home, close on it, and rent it back to you while you search for a new property at your leisure. Using this program, you can have the luxury of only moving once without experiencing the hassle of the open market. 

Buying a new home before selling your existing one has its unique challenges, but if you can leverage the three options above and utilize the guidance of an experienced agent, you can come up with the best solutions for your situation. If you want more details about this topic or have any real estate concerns, don’t hesitate to call or email me. I’ll be happy to help.