Buying Contingent Upon Selling Your Home
How Do I Buy and Sell at One Time? What If...
By Jenna Wynand
The question asked by many people on a daily basis, often in their own heads. The question of selling your home and buying another in one fell swoop sounds overwhelming and difficult and many times never goes beyond just the idea. This is all due to one factor: Education.
I have decided to write this small article for the reason that I meet with clients on a weekly basis who would love to get into a new home but are scared or nervous how to do so all at one time. So many people never ask the question, they just always have this grand idea in their head to downsize or find a new forever home with land but they are too scared to make the move. In all reality, yes it can be a scary thought but with education and strategy, it is possible and not too complicated! I am so excited for the families and clients who have sat down and had this conversation with me and made the leap.
In the past few years I have successfully helped many clients buy and sell at the same time and finally accomplish their goals. In our market many people ask the same questions, all of which are great questions to ask. Here are some of the most common questions I get during my appointments:
- What if my house does not sell?
- What if it sells too quick and I can't find a home?
- How does the lender make this work?
- How does moving work? Where do I go in the meantime?
- Do I have to sell and then find a place fast?
The answer for all of these questions will depend on a few factors. One factor is the type of home you currently own and the type of home you are looking to sell. If you are selling or buying a unique home we will setup a strategy to work with timelines and current inventory to see how long your property might take to sell, or how often homes come on the market similar to ones on your wish list.
I will work with you to build a marketing plan, timeline and strategy to ensure that your move is successful and also keep in mind the financial aspect. A few financial aspects we discuss when buying contingent and selling are:
- Net Proceeds
- Down Payment
- Estimated Payment and Closing Costs for New Home
- Potential Capital Gains or Tax Implications if they apply
- Making sure your lender is ready and has your documentation
If you have been considering buying and selling at the same time, it is always great to have a conversation and fully understand the moving parts and process. While it can be a stressful process, I will take care of you and help you get to your next step and dream home!