Every seller’s dream is to have a simultaneous closing, but how do you get it done? Today I’ll go over your options to buy and sell at the same time.
Your first option is the most obvious but also probably the most difficult. If you have enough excess money, you can simply buy a new home before you sell your current one. Sometimes, people can finance the new purchase, but they usually end up paying out of pocket or asking a family member for help.
"Make sure you communicate with your agent about which option you want to pursue."
Another option is to arrange a post-occupancy agreement when you sell your home. In this situation, you close on your home and stay in it for an agreed-upon period. This lets you shop around for a new home without having to leave your old, sold home. In this market, lots of buyers are willing to make this agreement, but many others are not. Make sure you have a great Realtor on your side to help negotiate the terms of this agreement.
If you’re lucky enough to have an investment account, you can get a line of credit based on your funds. They don’t liquidate your account, and there’s usually no charge for tapping into your own money.
Finally, you can put a home sale contingency in your offer when you shop for a home. In today’s market, this is a risky option, but it may be worth discussing with your Realtor.
If you have any questions about pursuing one of these options, please call or email me. I am always willing to help.