Should You Sell Before Buying a New Home?
Five methods you can use to sell your home before buying a new one.
A topic that comes up often is when someone is looking to buy their next home and they’re fairly sure they need to sell their current one first. There are two main reasons you might need to sell your current home. First, you need the down payment money from the equity in the home. Second, you don't want to or can't carry two mortgages at once. Here are five ways you could handle this kind of transaction:
The traditional way. We list the home on the market and pray we find that next home while it’s under contract or during a leaseback.
You have a home in mind. You found your next home, and we can help you get it. However, that would require us potentially making a contingent offer on that property. If they accept it, then we can figure out how to sell your home.
“To find your best-case scenario, call your trusted real estate advisor.”
Utilize a home-buying service or bridge loan service. There are a lot of these out there. I can walk you through the different programs to see if they are a good fit for you.
iBuyers. iBuyers make you a quick cash offer that’s smooth and seamless, so you don't have to think about selling at all. They just close whenever you're ready, but the downside is that you’ll likely end up giving away a lot of your equity. Please call me first if you’re considering this option. I don’t want you to leave money on the table.
HELOC. A home equity line of credit lets you take out a loan on your current property, and then you use that down payment for the next home. Once you close, then you can pay off that HELOC.
To find your best-case scenario, call your trusted real estate advisor. We’ll review your situation and see which option is the best fit. I also highly recommend talking with a lender right away. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.
