When selling one home while buying another
Strategies for Buying a New Home While Selling Your Current One
During the process of selling one home and purchasing another, you might be curious about how all the intricacies will align. How do these intricate details harmonize? This scenario is quite common, and your real estate agent, attorneys, along with title and escrow professionals, have amassed ample experience in orchestrating contracts and financing to seamlessly synchronize these dual transactions.
Now, the decision arises: Should you sell your current home before buying the next or vice versa? The preferred approach often involves identifying a home you're fond of and making an offer contingent on the sale of your existing property. This strategy typically fares well in a standard market setting. Nevertheless, in a vigorously competitive market, most sellers may not entertain an offer with a "subject to sale" condition. In such instances, the more practical route involves selling your present home before initiating the purchase of a new one, allowing for an interim period between the sale and moving into your new abode.
In situations where acquiring your next home necessitates funds prior to the completion of your current home sale, certain lending institutions can offer a temporary "bridge" loan. This type of loan bridges the financial gap between the two transactions. However, it's imperative to fully comprehend the financial exposure and emotional commitment tied to this type of loan before proceeding.
As you navigate the intricacies of simultaneously selling and purchasing homes, understanding the available options and seeking expert guidance can ensure a smoother transition and greater peace of mind.