How to Buy and Sell at the Same Time

Buying a new home before selling your current one can be a daunting proposition.

Homeowners need to weigh the risks and remember what is most important: getting the most money for your home and buying the property you truly want for the lowest price you can.

The days of bridge loans and, for many, lenders who allow you to buy before you sell are pretty much over — and have been since about 2007. Many homeowners simply cannot qualify for a mortgage on a new home until they sell their current home. When sellers hear that they often say: “But what if I can’t find the home I want? I can’t list my home until I find the home I want to buy!”

As a result, some get caught in a vicious Catch-22; they stay in their current home for a long time because they are afraid to take that leap of faith — the faith that they will find the home they want once they get a buyer for their house. Some sellers ask:

Can’t we just make an offer on a house and tell the sellers we’ll list our home right away if they accept?”

The answer is yes, of course you can try, but nine times out of ten the sellers will reject your offer. The only time we see an exception to this is if the buyer is willing to pay more than anyone else, and even then the sellers are unlikely to accept because of the risk on their end.

For the rest of the post, including a list of steps to take you through the process and some measures you can take to protect yourself from having to find temporary housing, visit our website here!