How do I sell my house and buy?

If you already own a home,  usually the big question on people’s mind is, “How do I pull this off? How do I sell my house and buy? Do I buy first? Do I sell first? Do I do it simultaneously?”

There’s a couple different ways you can go about it. If you’re having that question, then you’re probably needing to sell your home before actually buying. 


            So there’s a few different options, and I’ll go through those, but one is getting a rent-back when you’re selling your home. Another is making contingent offers, so I’ll go over that. Not ideal, but it can be done. Getting bridge loans, and then also there’s programs available that help you buy and sell at the same time.


Here are some options when you are selling your home.


Getting a Rent-Back

The rent-back is the  number one way that most people go about trying to sell and buy at the same time. So typically, you want to go ahead and list your home, get on the market, get under contract, and be very forthright with the buyers when you’re listing it, that you are asking for a rent-back, and you can go typically up to 60 days on a rent-back.

So that means that you get to remain in your home for that period of time. Sometimes it’s a free rent-back, sometimes it’s a paid rent-back, typically, at whatever the buyer’s new mortgage will be, or it can be some combination of that. So you might get a couple of weeks free and then a couple of weeks paid, that kind of thing. So that’ll give you time that once you’re in escrow and contingencies are being removed, you can go out and buy a house and make aggressive offers, get under contract, and then have time to move out


Making Contingent Offers

Another method is using contingent offers. When you’re selling, again, it’s good to be clear up front that you’re selling the home contingent on you finding a replacement property. That tends to work when you’re on the sell side, it doesn’t work as well if you’re buying and you’re trying to make an offer that’s contingent on you selling the home, at least in today’s market. A softer market, you can kind of get away with it.


Getting Bridge Loans

The other option is a bridge loan, so you can go out to a lender and get a temporary loan that will allow you to purchase the new property in advance of you selling your existing one, move into that home, and then turn around and sell it. It sometimes is difficult for people to qualify, because you have to qualify essentially for two mortgages at one time. So that can be difficult to do, but it can be an option for folks.


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And then another option, I have access to a couple of different programs that allow you to go out and purchase a home first, and then turn around and sell your home. So these programs, these companies will actually make a cash offer for you, so you can buy that home, so it’s a very competitive offer because it’s a cash offer, and then you finance that purchase through that company, so they’re making money off the lending side, that’s how they can offer these things. But so, the cash offer, then turn that into a mortgage, and then once you’ve moved out, go back and list your home. And that gives you an opportunity to do any upgrades that might need to be done to list the home, when you’re not actually living there, so you’re not having to live in a construction zone, if there’s some work that needs to be done. And then you sell it, and it just makes it much less of a hassle since you’re already moved out, less stressful, and then turn around and sell the home.

If you’re ready to buy or sell homes here in San Diego, please reach out to me via email, call, or text. I’d love to have a conversation with you.