Many of our clients are realizing that now is a fantastic time to make the move they have been thinking about; however, when we come to the “logistics” discussion, they freeze. Many of our move up buyers have a home to sell and therefore the discussion around contingent offers ensues. Let’s look at a couple of scenarios that may provide options for purchasing the right home with a non-contingent offer and get your move moving!
- Get ready to sell quickly – In this scenario, you have your current home show ready and we have you preapproved to purchase the next home while still owning the current home. If you qualify for this, we write a non-contingent offer to secure the new home and as soon as we have that contract solidified, we list the current property and sell it quickly and we may even be able to coordinate closing dates so that you can access the equity from the first home for the closing on the second!
- Buy first, sell a few days/weeks later – What if you have to close on the new home before you can access the equity from the current home? There are mortgage programs that allow you to put a minimum amount down and close on your new home, and will allow you to “recast” the loan, allowing you to put the rest of the down payment into your loan terms in order to lower the payment and reduce or remove private mortgage insurance. Call us and we will connect you with the right people to discuss this option.
- Sell first and find a home quickly – Many of our clients prefer to sell their current home and ask that the buyer to agree to a longer closing period so they have time to find the next house and close both on the same day. If inventory is not too tight in the location and price point you are looking at, this can be an easy option.
- Sell first, rent, then buy – Sometimes money is tight and inventory is tight and yet you know you want to move. It may be that if you want to net top dollar, a “sell first and short term rental” option might be just the ticket. Though you will have to move twice, this option gives you the freedom to find the right home in your own timing.
When inventory is tight, we must get creative, so call us if you would like to discuss options to make your upcoming move a smooth as possible-we are happy to help!