Today I want to go over a situation that is common among my clients. Many people I work with wonder how they can deal with the issue of buying and selling at the same time.
There are actually a few different options for people in this kind of situation. The first and least effective option is to go out and find your next home without already having yours under contract.
Writing an offer on a home that is contingent on the sale of your house before you have a buyer lined up is something I don’t really recommend.
Then there’s the second option, which is to list your current property, find a buyer, come to an agreement, go under contract, and set a closing date. After that, you can go out and find your next house. When you’ve found the right property, you will write a contingent offer.
The difference with this second option is that you can let the seller of your next home know that you already have a qualified buyer lined up. This way, they can feel assured your deal isn’t going to take forever or fall through.
This option is much stronger than the previous. You should always remember that contingent offers are weak until they’re under contract.
Next, you could go the route of a leaseback or rent-back. With this option, you go under contract on your current property and then rent it back from the buyer while searching for your next home. If all parties agree, this can be a good option.
Finally, there is the option of a short-term rental. Utilizing this route will be a good way for you to be sure you like the area before you commit to a long-term residence. By renting for three to six months, you can get a feel for whether you truly want to buy in a given area.
No matter which route you take, the important thing is that you’re represented. Going through this process may be too overwhelming to tackle alone. As your Palm Beach County real estate agent, I would love to help by guiding you through whichever option is best for your circumstances.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.