How to Buy a Home Before Selling Your Home
As the life changes, so can your need for the right home and it can be very stressful just to think about buying and selling a home at the same time. Many homeowners are unable to buy a new home without selling their current home first and they get stuck because they are not sure what they should do first. They wait for the right home to buy but they can't buy it until their home is sold and they are afraid of selling their home because they may not be able to find the right home to buy.
So, what should you do?
1 - You should talk to a mortgage professional and explore all your financing options.
2 - Start searching for your new home and get familiar with the market prices and decide on an area where you want to buy.
3 - List your current home for sale and let all buyers know that you will need time to find a home and offers should include a contingency for you to find suitable housing.
4 - Review offers and accept the best offer on your home. You are not obligated to accept any offers, especially if they don't meet your needs and won't allow you extra time to find the right home to buy.
5 - Make offer on the home that you want to buy.
You may also want to consider moving into a short term housing; most only require a 2-month minimum stay and will help alleviate some of the stress of finding a home quickly.
You can also ask the buyer for a rent back after the closing which would allow you more time to find the right home.
These are just some of the steps to consider. Working with the right real estate agent will make all the difference in this complicated process - they will be able to guide you through the process step by step and will help minimize the risk of things not working out the way you want them to.
In general, if you can't buy before you sell, then you should list your home for sale first. What is the worst thing that can happen? You won't find the home that you want and will stay in your home longer but, with the right real estate agent by your side, it is more likely that you will find the right home for you and your family.