On today’s episode of “What’s Working Now!” I want to talk about buying and selling at the same time. Should you buy and then sell? Or sell and then buy?
The first thing you need to know is whether you can qualify to buy and then sell. This requires talking to your local lender. If you do have the ability to buy first, then you can go ahead and buy your new home, then sell your home after you have completed the buying process.
Although buying first is an option for some, many are unable to because of the potential for two mortgage payments. Luckily, there are still many options if you can’t buy first.
The first and most ideal option is to close on your home sale on the same day that you purchase a new one. This way you don’t have to worry about having a place to live during the two transactions.
Your second option is to find your new home and do a long settlement. By doing a 60-day settlement, you can get your house listed and potentially sold within 30 days if you are in a market like D.C.’s. Your home will need to be well-priced and look good for this to work.
Your third option is to have a contract written with the contingency of your home selling as well. With this option, you’ll first need to prepare your home for sale and know where to price it. Then, go write an amazing offer on the home that you have found. Offer more money and take out all the contingencies you don’t need to show the seller that you are the right buyer.
A fourth option you have is to list your home with an agent such as myself and add an HOC (“home of choice”) contingency. Believe it or not, you can find buyers who will wait for you for one, two, or three weeks for you to find your next property.
If you do find yourself wondering whether to buy or sell first, your first step should be to contact an experienced agent like myself. I would be happy to guide you through this decision.
If you have any questions about this, or if you are interested in buying or selling, please feel free to contact me. I look forward to speaking with you soon.
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