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There are several options for selling your home and buying a new one at the same time:
Sell first, then buy: This option involves selling your current home first and then using the proceeds from the sale to purchase a new home. This can be a good option if you have a strong buyer for your current home and are able to find a new home to purchase quickly.
Simultaneous closing: This option involves closing on the sale of your current home and the purchase of your new home on the same day. This can be a good option if all parties are prepared financially and you are able to find a new home to purchase within a short timeframe.
Lease-back agreement: This option involves selling your current home to a buyer and then renting it back for a period of time while you look for a new home to purchase. This can be a good option if you need more time to find a new home to purchase and don’t want to move out of your current home immediately. This is also very common for home buyers looking to purchase in the spring, but not move until the summer when the kids are out of school.
Bridge loan: This option involves borrowing money from a lender to bridge the gap between the sale of your current home and the purchase of your new home. This can be a good option if you need to purchase a new home before selling your current home and have superior lending capacity. You will essentially be taking out 2 mortgages for a period of time.
3rd party cash intermediaries: DO NOT confuse these with entities that will “quickly buy your house for cash”. These businesses will purchase the home you find and rent it back to you until you close on your next home. This is an exceptional option if you don’t want to list your current home until you move into your next one. The fees (usually around 3% of the sales price plus rent) are far less than what you should expect to lose by taking a cash offer.
It is important to consult with a real estate agent, mortgage broker or financial advisor to help determine the best option for you, as well as to review the legal and financial implications of each option.
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