Buying and selling a home at the same time isn’t impossible. Here are three different ways you can go about the process.
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If you are looking to sell your home and buy a new one, you have three options: You can buy your next home first, sell your current home first, or complete both transactions at the same time. The first step in this process should be to speak with a qualified mortgage professional. This will allow us to review your finances and see what the best option is for you.
If you choose to buy before selling, there are a few benefits involved. First, there’s not going to be a lot of pressure and you won’t have to rush into buying anything. You won’t have to face the stress of finding interim housing, either. The one drawback here is that you may be stuck with two mortgages at once for a period of time.
If you choose to sell before buying, there are a few advantages here as well. First, you’ll know exactly what kind of equity you’ll be able to get out of your home to put toward your purchase. You won’t have to worry about multiple mortgages, but it is possible that you’ll have to set up some interim housing.
Buying and selling at the same time is the other option. You don’t have to worry about the multiple mortgages or the interim housing, but this requires a lot more planning because of all the moving parts involved.
If you have any questions about the buying or selling process or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.