Selling & Buying simultaneously - Which comes first?
This is a question we are often asked by our clients who are upsizing from a smaller home to a larger home. This answer depends on your financial situation.
In a Seller’s real estate market, your home can sell very quickly. Then the pressure is on to find your next home, which may be challenging when there is low inventory and houses are selling in multiple offers. We understand how stressful this can be.
The first step is to talk to your mortgage specialist. They will assess your income, assess your affordability, and advise as to your financial options. You may be lucky enough to be in a position to make an offer on a house without having to add the condition of selling your current home first. Or perhaps the lender can provide a bridge loan option. This comes with additional fees and a higher interest rate, but it may be worthwhile.
If you are not in a position to make an offer on a home prior to selling, don’t worry! We have strategies to take the pressure off. We can list your home with a long occupancy date to give you plenty of time to find your next home. There could even be an option to close the sale of your home while you rent from the buyer until you find your next one. Or we can get creative with clauses whereby the buyer may accept to prolong closing by a few more months if you haven’t yet found your next house. Worst case, there are short-term rental and storage options.
You may worry about the what-ifs, but once you start the process you will see that it can happen quickly and before you know it, you have sold your home at an amazing price and are moving into your dream home!!
This is an exciting step in your life and we are experienced at finding solutions to put you at ease for a smooth experience.
Questions? Contact us today!