5 Ways to Buy and Sell at the Same Time

Are you looking to buy and sell a home at the same time? You’re not sure how to do it without making a contingent offer on the sale of your home

Here’s five ways to make that happen and we can help you navigate each scenario.

#1 – Negotiate a Rent Back

Sell your home first and then negotiate a rent back with the buyer of your home for a period of potentially up to 2 months. You might get some of that portion for free or you might have to pay for some of that rent back as well, but that might give you the time to sell your home first, cash out the equity, and then go buy a replacement home. There are a lot of moving parts to this and if you don’t find the replacement home quick enough, you’re going to have to find a short-term rental or move in with family.

#2 – Stay In a Short Term Rental

Another option is to stay in a short term rental. You sell your home first and just move right into a short term rental and stay there for however long you need, until you have found your replacement home.

#3 – Obtain a Bridge Loan

A third option is to obtain a bridge loan and the bridge loan is where you get a second mortgage to go purchase that new home, and then you sell your existing home and then you refinance all that into one mortgage. The complication here of course, is you’re paying two mortgages at one time. It’s oftentimes difficult for folks to qualify for two mortgages at once. 

#4 – Home Equity Line of Credit

A fourth option is to pull out a home equity line of credit or a HELOC on your existing home. And if you have sufficient equity, you can use that to potentially put a down payment on your new replacement home. However, again, you’re having to qualify for two mortgages at the same time, but the HELOC is a much more streamlined way to obtain the funding over a Bridge Loan. You typically just need to maintain at least 80% equity in your home after pulling funds out via the HELOC

#5 – Home Trade-In Program

The fifth option, which I find often as the best for a lot of folks, is a Home Trade-In Program that I have access to you that allows you to buy a home before you sell your existing home. What happens is you qualify for the program through the home trade-in partner that we work with. The equity in your existing home is unlocked  so that you can buy a new home and then you go purchase your replacement home first. Then, once the new home is purchased,  you turn around and sell your existing home.
You don’t have to carry two mortgages at one time, you can get a rent back with this option. We can even couple it with a cash offer program to turn you from a financed purchaser into a CASH buyer that makes your offer extremely competitive and you can get into your home quickly with fairly low fees.

Curtis Chism, Realtor
858-281-2568 | Mobile
mailto:info@sandiegohomes.io
Chism Team | DRE #02105113
brokered by eXp Realty | DRE #01878277