How to Buy a Home Before Selling Yours
How to Buy a Home Before Selling Yours can be challenging even when everything goes smoothly. The best way to navigate a simultaneous transaction is to work with an experienced real estate agent. They can help you find homes that meet your criteria and negotiate with sellers on your behalf, all while working with your preferred timeline.
But what happens if you fall in love with your dream home before selling your current one? If you do purchase before selling, it may take longer to close on your new property, which could leave you without a place to live for an uncertain period of time. You’ll also have to manage two mortgage payments at once, and that can add up quickly.
How to Buy a Home Before Selling Yours: A Step-by-Step Guide
Another challenge is that it can be difficult to come up with a down payment on your next home when you have a chunk of money tied up in your old home. And some banks will raise an eyebrow when you apply for a mortgage while your home is still on the market.
If you’re in the process of downsizing, buying before selling can give you the extra time you need to sort through your belongings and simplify your life. Plus, it can be a relief to remove yourself from the complex home chain that often results in juggling moving dates and paying for temporary housing or storage. You might even save on some of the upfront costs associated with getting your current home sales-ready, such as repairs, upgrades, and appliance switchouts.