Looking to buy a home in 2020 but need to sell your current home first? You’re in luck; today I have three great tips on how to accomplish these dual transactions:
1. Get pre-approved. Most homebuyers use financing in today’s market, but with the dip in interest rates, you’d be surprised what you can qualify for without selling your current home. Many times, folks realize they can afford the new house without having to sell first. We always have people get pre-approved so they know their options and are financially comfortable with them.
“For some families, a rent-back might be the only option.”
2. Start prepping your home for departure. While you’re looking for homes online, talk with an agent about a plan to prep your home for departure. A lot of times, homeowners think about doing something, find the perfect home, then lose out on it because their current home isn’t properly prepared first. Sit down with your agent and come up with a gameplan to move from point A to point B.
3. Negotiate a rent-back agreement. Since the market is so hot, we’re typically able to get rent-back agreements for our clients so they can sell their home, become completely liquid, then buy and close on the next house without worry. For families, this might be the only option, and today’s buyers are OK with longer rent-back periods as long as they can secure the home to purchase.
If you have questions about how we can help you get started on the buying or selling process or concerning real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.