Buying a New Home in DFW With an Existing Property: Strategies and Options

Advice for how you can buy and sell a home at the same time.

One common question we receive is: How can I purchase a new house when I still need to sell my current one? There are several approaches to consider in this situation. 

First, you must determine whether you are comfortable with and financially capable of managing two mortgage payments simultaneously. Although it may sound daunting, many sellers cover the payments for their old house for a month or two while they focus on selling it and transitioning into their new home. This is a viable strategy if you can afford it. Consulting with a mortgage lender can also help you determine if you qualify for dual mortgages. 

Another option is utilizing a leaseback arrangement when selling your current home. Once a contract is secured, you can negotiate an extended closing period that allows you additional time to find a new home. This is a common practice we facilitate regularly.

"There are multiple approaches available when you need to buy and sell."

A third possibility is pursuing a contingent offer. In the current market, contingent offers are more likely to be accepted compared to the past. A contingent offer means you need to sell or close on your current home before finalizing the purchase of the new home. However, in a contingent offer, the seller of the desired home may inquire about your current home's listing status and any existing offers, so it's advantageous to be further along in the selling process before putting in an offer. 

When making a contingent offer, the seller is essentially accepting a less favorable condition, as they must wait to confirm the sale and timely closure of your home. Consequently, you may need to incorporate more favorable terms for the seller in the rest of the offer, and we can assist you with this. Some terms may be highly beneficial to the seller but less significant to you. 

During a buyer or seller consultation with one of our representatives, we will provide further information on how these strategies work. Rest assured, there are multiple approaches available when you need to buy and sell. Call or email us anytime if you have any questions.