Many clients approach me asking how they can buy and sell a home simultaneously. There are a couple different options for completing this type of transaction.
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This last option is something that I haven’t seen in a long time but seems to be gaining more popularity. A couple of lenders have approached me recently about what’s called a “bridge loan.”
What that means is a seller will get all their ducks in a row and make sure they qualify for a new purchase, close on that new property, and start moving into their new home without the pressure of having to sell off their old one first. You can’t do this without qualifying for a bridge loan first, but it’s a really creative solution that I haven’t seen in a long time.
There are quite a few moving parts to these transactions that I can’t cover in a short video, so if you have any questions or are interested in getting that process started, please give me a call. I’d be happy to help you!
There are a lot of creative options if you want to buy and sell simultaneously.
One of the most common ways to buy and sell simultaneously is to sell first before your buy. When you sell first, you’ll have money in the bank, and then you can start looking for a new home.
Another way that people buy and sell simultaneously is when an offer comes in that’s acceptable to a seller, they make sure that the agent puts a clause in the contract that states that the purchase is conditional on the seller finding a new home. If that clause isn’t included in the contract, it could potentially leave the seller homeless. Adding that contingency safeguards the seller against that happening to them.
Another option that a seller can consider is called a “rent-back.” It gives a specified time period where a seller stays in a property after closing and rents the property back from the new owner while they look for another home to move into. It gives them more time to move out once they’ve found a place.
One of the most common ways to buy and sell simultaneously is to sell first before your buy. When you sell first, you’ll have money in the bank, and then you can start looking for a new home.
Another way that people buy and sell simultaneously is when an offer comes in that’s acceptable to a seller, they make sure that the agent puts a clause in the contract that states that the purchase is conditional on the seller finding a new home. If that clause isn’t included in the contract, it could potentially leave the seller homeless. Adding that contingency safeguards the seller against that happening to them.
Another option that a seller can consider is called a “rent-back.” It gives a specified time period where a seller stays in a property after closing and rents the property back from the new owner while they look for another home to move into. It gives them more time to move out once they’ve found a place.
A rent-back gives more time for the seller to move out of their old home.
This last option is something that I haven’t seen in a long time but seems to be gaining more popularity. A couple of lenders have approached me recently about what’s called a “bridge loan.”
What that means is a seller will get all their ducks in a row and make sure they qualify for a new purchase, close on that new property, and start moving into their new home without the pressure of having to sell off their old one first. You can’t do this without qualifying for a bridge loan first, but it’s a really creative solution that I haven’t seen in a long time.
There are quite a few moving parts to these transactions that I can’t cover in a short video, so if you have any questions or are interested in getting that process started, please give me a call. I’d be happy to help you!
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