How To Sell Your Home While Buying Another

By Shelby Campbell

With over two and a half decades of unwavering commitment to the mortgage industry, I am your seasoned Mortgage Loan Officer dedicated to helping individuals and families achieve their homeownership dreams.

Have you ever felt trapped between selling your home and buying a new one? If you’ve ever found yourself in this situation, you know it can feel a bit overwhelming. I recently had a discussion with Dawn Cordiner, a real estate expert, about the best ways to approach this situation. And we agreed that while it’s common to use contingency offers, there are other options available that might be a better fit for your situation.

A contingency offer is when you secure a property you want to purchase with the caveat that you have to sell your home first. If you decide to go the contingent route, being ultra-prepared is crucial. Once that offer is accepted, you must immediately put your house on the market. Here are a few tips to help you get ready:

1. Pre-Inspection. Consider getting a pre-inspection done on your home. This way, you won’t be caught off guard by any issues that might come up during the selling process.

2. Professional Photography. Make sure your home is looking its best and ready for some professional photos. If your home is well-presented you attract buyers quickly, which is important when you’re dealing with a contingent offer.

3. Market Readiness. Sellers looking at contingent offers want to know how likely your home is to sell quickly. If they see you’re already prepared, it gives them confidence in your offer.

If the traditional contingent offer is not for you, you can explore other options. Many cash offers and bridge loans can help you buy a home without the stress of selling first.

• Cash offers are becoming increasingly popular. Making a cash offer can put you in a strong negotiating position, making your bid more attractive to sellers.

• Bridge Loans allow you to access a portion of your equity upfront. This can give you the funds needed to purchase a new home before selling your existing one. The catch is that you might have two homes for a little while, so make sure you have the cash flow to support that.

Moving can be exciting and scary at the same time but by preparing and knowing your options, you can be confident moving forward.

If you have any questions or need help figuring out your next steps, don’t hesitate to call or send us a message. If you would like to reach out to Dawn, feel free to call her at (503) 483-8893 You can also contact me at (503) 809-8898 / (503) 572-8865 or shelby.campbell@fairwaymc.com. We are here to assist you.