Some people sell their houses before buying others, giving them clear budgets for their next places. It makes financial sense, but there’s the risk that you might end up couch surfing or having to rent somewhere in the meantime. Others buy first, locking in their dream homes before they’re snatched up, but that can mean carrying two mortgages at once. So is there a way to eliminate both issues, by both buying and selling simultaneously?
Absolutely. It will take some planning and help from an agent, but you can definitely buy and sell at the same time. The key is timing. Your agent will help align your sale with your purchase. You may have to negotiate a rent-back deal or a flexible closing date. It’s also smart to get preapproved for a mortgage early so you know what’s realistic. And if you need a financial cushion, options like bridge loans or home equity lines of credit can help you cover gaps between buying and selling. It’s something that requires both planning and flexibility on the part of both you and your agent, but it’s certainly a viable option. As an added bonus, it’s also faster than finishing out two separate deals.
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