Fridays with the Fiddle Fig: Buying and Selling at the Same Time
This week's topic: How to buy if you need to sell first
This can be a concern among clients and the answer can be slightly different in each market. Lets go over a few ways that a situation like buying while still needing to sell can be handled.
- Sell first and rent back: this allows you to get your home on the market and in escrow. Once you have a buyer we negotiate a rent back for a period of time to allow you to find your new home and make a none contingent offer. It also allows you to use any proceeds from your sale towards your downpayment on the new home
- Buy first and then sell: If you are liquid enough and the idea of having a deadline does not appeal to you then it may be better to buy your new home first and then put your old home on the market. This allows you to have your old home 100% market ready and gets rid of any pressures or deadlines for finding a new home.
- Sell and buy at the same time: This is by far the most tricky and takes an experienced agent to really help and make sure everything goes as smooth as possible. In this strategy you are looking for a new home at the same time as having your current home listed for sale. Once you find a new home and your old home is under contract. You sync up the escrow timelines to do a “concurrent closing”. This means your current home closes escrow and within a few hours or at most 24 hours you close on your new home.
These are the 3 basic strategies for buying a new home when you have to sell your old home as well. It can take some coordination and planning but your amazing realtor will be there for you every step of the way! If you think this is the right process and strategy for you and want to ask more questions let us know and we can set up time to talk to you about your specific situation.