Selling a home and buying a new one can be a difficult balancing act. Most consumers are hesitant to buy a home until their existing home is sold. In an ideal world, both transactions would occur simultaneously. However, homebuyers and sellers often get “caught in between” real estate transactions.
With this in mind, the professionals at Coldwell Banker Professional, REALTORS® offer several tips on how to increase the likelihood of selling and buying at around the same time and what to do if a “caught in between” situation arises:
Consider whether to buy or sell first: Homeowners should determine whether it is in their best interest to buy or sell first since most need to sell their current home in order to qualify for a loan to buy their next home, which is usually more expensive.
Coordinate a lease from the buyer: The sale of a current home is often finalized before the purchase transaction for the new home is completed. One way to bridge this gap is to lease the current home from the new buyer until the purchased property is available. An attorney should draw up a contract or lease agreement. Coordinating a lease is effective because it alleviates financial concerns and removes the hassle of having to go to a temporary residence before moving into a new home.
Look into renting: The buyer may not always be able or willing to lease their newly purchased home, so renting a property is another option to consider. Although relocating twice in quick succession is not ideal, renting serves as a fix for the short term.
Review home equity options: If you would like to speak with someone about your options in Real Estate to either Buy, Sell or Rent call us today to get a qualified expert to help!
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