The difficult thing about moving and buying a new home is actually selling the home you already have. This dual process of buying and selling can be one of the most stressful things you ever do. Not only do you have to worry about fixing up and putting your home on the market but you also have to find the right new home for you and your family. But it is possible to smoothly buy and sell a home, and we’ve put together some helpful advice on how to make this process as stress-free as possible.
Buying Before Selling
If you’re buying a new home before you’ve sold your current house, then you’ve chosen the more difficult path. But that’s okay because sometimes you find a house you love and don’t want to risk losing out on it. If this is the case, one thing to consider is including the home sale contingency option when making an offer. The purpose of this contingency is that it will give you a set amount of time to find a buyer for your current home. That way the seller knows you’re serious but also understand that you have to sell your home first.
If you don’t find a buyer in that time frame, you can either back out of the offer or negotiate for more time. While a seller might not be willing to accept a home sale contingency, it’s worth trying to negotiate. But if that doesn’t work out, you can try applying for a bridge loan. This type of loan is short-term and allows you to continue to pay your current mortgage. You can then later use the money you receive from your home sell to pay off of the loan.
Selling Before Buying
Of course, the easiest way to buy and sell a home at the same time is to sell your current home first. When you choose this route, you will know exactly how much money you have to spend on a new home. If you plan right, you can link your move out and move in dates so that you don’t have to find a secondary place to stay before your new house is ready. The one drawback is you might sell your home before you find a new one. If this is the case, you can ask for a rent back contingency where you pay the new homeowner rent and stay in the house until you find a new place.