How to Sell and Buy A Home at The Same Time Without Going Crazy
The key word here is crazy, isn't it? Real estate can make you a little crazy with just one transaction happening, but throw in another one and boom! Stress levels have climbed Mount Ernest, but hopefully after you read this blog post you will feel a little bit better about selling your current home and buying another one. Here are 7 options to help you sell, then buy a home with the least amount of stress and hassle............
- The ideal option is to be able to buy a house, without having to close on your current one first. You feel less rushed, and can look without that nagging feeling that you're running out of time. Negotiations are easier, because you won't have the contingency of having to sell before you can close on your new home. This may not always be an option of you need the proceeds of your current home to close on the next one. So.........
- Close on both homes on the same day. This is where you learn to juggle. Ideally, by the time you get your home on the market, you will know where you're going and are pre-approved for a mortgage. Once it hits the market, it's totally ok to start looking at homes, just be aware that most sellers will not accept an offer from a buyer, who's house is not under contract. Especially in this current seller's market. The good thing is, it's a seller's market, so as long as your house is priced well and not ugly, you should go under contract quickly. Once you're under contract, there's double the work! Inspections and appraisals on both houses at the same time. That's where I come in, so don't worry about the details. That's my job.
- You can sell, then rent. Either short term or longer. The options for short term rentals are lower, but there are some out there, or we can ask for a landlord to make an exception. That could mean offering a little extra on the monthly rent than what's advertised.
- Sell and live with family. No, I didn't hit my head. I know living with family can be, um, horrible, I mean awesome, but you may be able to save some money, and you never know, it could be fun!!! 😁
- Sell and live in a hotel. This is usually a very short term thing, like let's say your closing on your new home is a couple weeks after your current home closing. A couple weeks in a hotel can be a pain, but think of it as a mini vacation. Where you still go to work and live out of a suitcase.
- Make the offer on your current home contingent on you finding a new home. Like 30 days and then after 30 days, you and your buyer can extend it, close without having a new house (rent) or start over with a new buyer. Or even say forget it, if it has been way too much.
- Do a 30 day lease back from the buyer. So, ideally you close on your current home and once it closes, you have 30 days to find another house. Maybe a free 30 days with just a deposit that covers any damages to the house.
There's alot of options above, but I won't play and act like it will be a piece of cake. You will probably want to eat cake when it's over. If you're thinking about selling and/or buying a house and have questions, then you've come to the right place! I am a local realtor in the Northeast area covering Jacksonville, Clay and St John's County and I LOVE questions. Call or text me at 904-910-3516. No obligation or pressure. I don't like it done to me, and won't do it to you.
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