Recently I talked with some clients who are concerned that if they sell their home they will have a difficult time finding their new replacement home. This is an understandable concern, as in today's real estate market it is easier to sell your home than it is to purchase a home. Let's explore a few possible ways you could do this.
First you could find your new home first. You would make your offer contingent upon your home selling. In today's highly competitive market this strategy may be more difficult, but it can be done! If you are determined to find your new home first, you could also explore a re-cast loan or a bridge loan. I can recommend a local lender to help you with this option.
A second option is to sell your home first. You would close on it and put all your equity in a safe place. You could then rent for a while to give yourself time to find your new home.
The third option, which is the most popular and convenient in today's seller's market is to negotiate a post settlement date, or a lease back. When someone makes an offer to buy your home, you would counter with your desired length of time you would need to stay in your home to find your replacement home.
All of these options can work. Choosing which one really depends on your comfort level and personal situation. If you have any questions about selling and buying your home, I am here to help you!