In a perfect world, simultaneously buying and selling would go according to schedule. Of course, reality doesn't always align with our desires. Thankfully, there are a few strategies we can utilize to smooth out any wrinkles in the plan.
- Leasebacks - Leasebacks allow you to sell your home and then temporarily rent it back from the new owner. This buys you time to find and close on your dream home without rushing or having to move twice.
- Bridge loans - This type of loan acts as a temporary financing solution, bridging the financial gap between selling your current home and purchasing a new one. They often involve two phases:
- Phase 1 - You may not have to make monthly payments on your new home, but interest accrues.
- Phase 2 - Once your current home sells, you use the proceeds to pay off the bridge loan, including accrued interest.
A bridge loan can free you from the contingency of selling your current home before buying a new one.
If you’re planning to buy and sell at the same time, here are a few more dos and don'ts:
• Sync your closing dates as best as you can.
• Have a backup plan for where you’ll go if the timing doesn't perfectly align.
• Communicate often with us. No question or concern is off-limits.
Want to learn more about buying & selling? Reach out!
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