How to Sell When You Also Need to Buy

How do you buy a home when you have another home to sell first?
 
We get that question all the time, and usually, the person is trying to convey that they simply don’t understand what their transition will look like. Will they have 30 days to move? 60 days? Will they even be able to find a home in this hot market? Here are a few of my quick tips and recommendations as far as options for getting your home sold and then buying on the other side:
 
1. iBuyers. If you live in some of the major markets in the US, there are new buyers out there called iBuyers (instant buyers) who are willing to buy a home before it even goes on the market. They can then give you a timeline in which they’ll allow you to stay in the house for a set period while you search for a home.
 
2. Long leaseback period. As a seller in this market, you get to demand the terms you want. One of the terms we’ve been getting for our sellers is a long leaseback period. We can get you closed in 30 to 45 days, and then we’ll ask for a leaseback of another 60 to 90 days. That extra time will allow you to find somewhere else to move.
 
3. Bridge loan company. Though not available in every market, you can use a bridge loan company’s cash to buy the home you want first, and then you’ll have another six months to sell your home or the company will buy your home at a discounted rate.
 
4. We can sell your home. This is the most common and available option for our clients; we can sell your home, do a leaseback, and then list your home for a short period in which we handle all the showings and sort through the multiple offers. If we can sell your home quickly, which is very common in this market, you might consider renting before you buy again.
 
One of the best things you can do as a buyer is be ready, willing, able, and not in a rush. The hardest part about combining a sale and a purchase when you have a restricted time frame is that there aren’t many options for homes to buy. It can often feel like you won’t be able to find anything, which creates a sort of paralysis that can keep you in your current home.

Some buyers are turning to rental opportunities for 6-12-month leases while they search for another home. Recently, some friends decided to put all of their things in storage and live in an Airbnb for a while before traveling around the world until they came back and found a home.
 
Ultimately, if you’re trying to sell and buy a home at the same time, there are options for you. Feel free to reach out to us and we’d be happy to discuss a strategy to help you make the transition between homes as smooth and stress-free as possible. Hope to hear from you soon!