Three creative ways you can buy a home before selling your old one.

Can you buy a home without selling yours first? Purchasing a home before you sell your current one can be risky, but with the right team of professionals to guide you, we can make it work. There’s no doubt that the market is shifting, and since that is the case, you have a few options to buy before you sell:

1. Offer a home-sale contingency. You can always write an offer contingent on the successful sale of your home. If your current home doesn’t sell within the given period, you can cancel the contract with no penalties. As the market normalizes, some sellers might be attracted to this type of offer. Our team has experience writing these contingent offers, so we can help you through the process.

2. Make a rent-back agreement. This lets you stay in your current home for 30 to 60 days after closing, which gives you more time to find and close on a new house. This way you can get the funds from your current home to use on another purchase, which helps eliminate the fear of moving twice. Our team has negotiated a lot of rent-back agreements recently. If you choose this option, know that we won’t accept an offer that doesn’t give you a rent-back option.

“Buying a home before you sell can be a delicate process.”

3. Use creative financing. Some lenders offer short-term bridge loans, which are high-interest loans that “bridge” the gap between buying a new home and selling your old one. It does come with extra expenses, though. You might also be able to pull money out of your 401k or stock accounts as a loan to finance your purchase. When your old home sells, you can pay back into those accounts with no additional charges. There are always some risks with creative financing solutions, so make sure you know the details before you choose one.

Buying a home before you sell can be a delicate process, but we have lots of experience with innovative solutions. Call or email us today for a no-obligation discussion about your specific situation. Remember, it’s not the market; it’s the marketing that makes the difference!