My how to guide on buying and selling a home at the same time. Keep in mind, there are many different options. Choosing an option depends on your specific needs. Call me today and we can plan a course of action that best represents your overall real estate goals! 208-353-4117
Simultaneously buying and selling is a complex process and is tailored to meet each clients needs. Make sure you have a trusted REALTOR® by your side. As a Realtor®, I will help you navigate the process. I will provide valuable real estate advice, market your old house effectively, and find suitable options for your new home. Using the same agent for buying and selling can help streamline the process.
Some of your options include:
1.Contingent Offers: Make your offer on a new house contingent on the sale of your old house. This means that you will only buy the new house if your old house sells. This approach can be less attractive to sellers but is a safer option for you.
2. Bridge Loan: A bridge loan can provide you with the funds needed to purchase a new house before selling your old one. These are short-term loans, and you will need to have strong credit and a plan for repaying it once your old house sells.
3. Home Equity Line of Credit (HELOC): If you have substantial equity in your current home, you can open a HELOC to use for the down payment on your new house. You'll need to pay it back once your old home sells.
4. Renting Your Old House: Instead of selling your old house right away, you can rent it out. This option allows you to cover the mortgage and possibly generate income while you transition to your new home. Keep in mind the responsibilities of being a landlord.
5. Leaseback Agreement: Depending on market conditions, some buyers of your old home may be willing to let you rent it back for a certain period after the sale, giving you more time to find your new home.
6. Simultaneous Close: If timing aligns well, we can attempt to close both the sale of your old house and the purchase of your new house on the same day. Coordination is crucial in this scenario.
7. Sell First, Rent Temporarily: You can sell your old house and rent a temporary place until you find your new dream home. This option allows you to have cash in hand and more flexibility when looking for a new home.
I can't wait to work with you!