Can I buy a new home and sell mine at the same time?
This is a question a lot of people ask, as many people cannot afford to buy a new home without the proceeds from selling their old house. If you qualify for a loan and can make the down payment on a new home without the proceeds from a sale, the process is relatively easy. You just buy your new home and then sell your old one when you are ready.
However, if you need the proceeds from one home to purchase another, it can get tricky. That’s when you need the help of a good agent from Keller Williams The Woodlands & Magnolia, in addition to a savvy mortgage broker to guide you through the process and the paperwork. You can begin by working with your Keller Williams agent to determine a fair sales price for your old home while setting a budget for a new one.
There are a few things to remember. When you need the proceeds from the sale of your old home to finance the new one, you must close on your old house first. There are several ways that you can go about doing this.
Sell your old home and move your possessions into storage until your new home closes. The downside to this? You may have to stay with friends or relatives until the sale goes through.
Have your agent set up what is known as a Simultaneous Closing. This is when you close on your old house and your new property on the same day. Typically, you close on your old house first and then close on your new house, in back-to-back meetings.
Have your Keller Williams agent negotiate a “rent back” deal for you with the new owners. In this situation, you sell your house, but continue to live there, paying a negotiated rent for a specific amount of time until you take ownership of your new home.
Whatever the options, Keller Williams agents are here to help you find the best solutions for buying or selling your property. Give them a call to find out what options are best for you.