Strategies for Selling & Buying At The Same Time
Are you selling & buying at the same time? These are your options!
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1. Buy First Non-Contingent
Purchase your new home first without a contingency to sell your current home.
PROS:
Purchase at your leisure
Easier to get offer on new home accepted
Can be logistically the easiest
CONS:
No guarantee re: current home sales price
Possibility of 2 mortgages for a time
Can be financially challenging
2. Buy First Contingent
Purchase your new home first with a contingency to sell your current home
PROS:
Financially safe and non-committing
Use $ from sale towards purchase
CONS:
Can be challenging to get offers on new home accepted
Puts stress on selling timeline
Puts additional pressure on pricing the home you’re selling
3. Sell First Non-Contingent
Sell your current home first without a contingency to purchase a new home
PROS:
Know exactly what your home sells for
Use $ from sale towards purchase
CONS:
Puts stress on purchasing timeline
Potential to close on home sale without having a new home to move to
Possibility of moving twice
4. Sell First Contingent
Sell your current home first with a contingency to purchase a new home
PROS:
You don’t sell your home if can’t find a new one you love
Use $ from sale towards purchase
CONS:
Puts stress on purchasing timeline
Narrows the pool of buyers for your sale
If you don’t find a home to purchase, it’s a lot of work for zero results
Bonus Option: Rent your current home
Another option for your consideration: Perhaps you don’t sell your current home, and instead keep it as an investment property?
