How Do I Sell My House And Buy Another At The Same Time? Be sure to subscribe to her YouTube channel for all of your real estate tips, home tours and advice! Get your FREE listing consultation or home evaluation to find out what an appraiser may determine your home is worth and how much equity you have to help you purchase your new home. You can also schedule your FREE home buying consultation here
Hi, everyone. I’m going to talk to you today a few minutes about if you’re in a situation where you need to sell your house first before buying your new home. What happens in a lot of cases is you as a seller and a new potential buyer you are kind of hesitant to put your home on the market before you find the house that you want. Because as you don’t want to be without a home and struggle to buy whatever it is that you possibly can within that time frame. And we as realtors understand your perspective.
However, that does put you in almost a very challenging position to get into your next home for various reasons. One of the primary reasons is, okay, you’re going to spend time looking for a house and you’re going to find the one you want, and you say, “oh, let me go and put the home on the market and I’ll buy this one.” Well, if you’re in a situation where you listed your house and then you wait for that to close, the house that you want is most likely not going to be available anymore. So it’s definitely not going to help you in that way. And if you do come to a situation where you think,” I’ll do a contingent offer,” well, in the seller’s market, that’s going to be very challenging to get accepted, especially if your home is not on the market.
Most cases are going to want your home to be passed inspection. However, if you’re in a position where you’re looking for more luxury and home, $600,000- $700,000, that’s more of a possibility for that to actually work. However, in general, a contingent offer, meaning that you will get the offer accepted and you’re going to buy that home contingent on you selling your other home, is going to be very likely that it’s not going to get accepted. Or you’re in a position where you may get accepted and then they actually get an offer that has no contingencies, and then you have to decide, “Am I going to go ahead and buy it or it might not.” And if you are in position where you can’t, then your good deal is going to fall apart.
So in most cases, it’s definitely best for you to put your home on the market before you actually look for your new home and look for that home to sell within a matter of 30 days, and you find the home you want and you have a smooth transition. Now, if you’re in a position where you haven’t found the home that you want, but your house has sold, there’s a way for you to negotiate occupancy. So that way you still have a longer period of time to find the home you want. For example, you get the offer accepted and you close in 30 days.
You can even do a delay closing just to give that extra time and then upon that, you also can negotiate up to two months of occupancy, provided that the buyer is okay with this. So that gives you pretty much at least three months to find and close the house you want, which, if you’d be very serious about it, you are going to find the home that you’re looking for. Now, if you say, well, I don’t want to be in that position, the best other opportunity is to at least be okay with maybe renting a place for a couple of months until you find the house that you really want. Because contingency, like I said, is not going to be a big possibility for you selling your home.
Buying a home will depend on you selling yours, and especially if you can’t buy before you sell, you’re just going to be in that slump of not getting what you want because you haven’t even put your house on the market. So definitely speak with your realtor on what’s going to be best option for you, but in most cases, at least put your home on the market and then start being proactive in finding the home that you want, because you will. So if you have any questions, just let me know, leave a comment below, or you can email me at [email protected]. All right, thanks. Have a good day.
This has been “How Do I Sell My House And Buy Another At The Same Time?” by Patrice Henderson of Designed Living Real Estate.
Be sure to subscribe to her YouTube channel for all of your real estate tips, home tours and advice! Get your FREE listing consultation or home evaluation to find out what an appraiser may determine your home is worth and how much equity you have to help you purchase your new home. You can also schedule your FREE home buying consultation here