Should you buy then sell or sell then buy? Here’s what to consider.
If you have a home to sell and are also looking to buy a new one, is it better to buy then sell or sell then buy? Today I’ll share my advice on buying and selling homes simultaneously. There are two ways to go about it:
1. Make a contingent offer. You can first find your perfect home and then make an offer on it that’s contingent on the sale of your current home. This way, you’d essentially tell the seller that you need 60 to 90 days to sell your home before you can move forward with your purchase and close on the new home. The issue with this option is that many buyers are non-contingent in today’s market, so you’d be competing against buyers who don’t have to sell a house to buy a new one, and most sellers are more interested in non-contingent offers.
2. List your home first and make the sale contingent on your ability to find a new home. In a strong seller’s market, this is the preferred strategy. To do this, you can either set a longer or shorter escrow. The latter option is essentially negotiating upfront that you’re going to do a leaseback of the property, giving you time to look for the next house. You could also do a post-settlement possession, where you can stay in the house for a short period.
Are you still concerned about being able to find your next home? We have proven tricks up our sleeves that can help buyers find and secure properties. One way we do this is by calling around the neighborhoods that you’re interested in to see if any homeowners are interested in selling their property off-market.
That’s not our only secret, however. If you’d like to learn how else we can help buyers find the perfect home in such a hot seller’s market, or if you have any questions, please feel free to reach out to us. We’d love to help you.