Selling One, Buying Another
In a perfect world, you sell your old home and buy the new one on the same day. Given that it is virtually impossible to time it that way, here are some things to keep in mind as you navigate the sale of one house with the purchase of another.
Selling First
Selling your home before buying a new one minimizes financial hazards. Get pre-approved for a loan on the new home prior to putting yours on the market. If you’re ready to accept an offer on your home, but haven’t found the right new home, negotiate a long escrow or a rent back. This will give you more time to look for the new home. Otherwise, look for temporary housing. Even if you have to find temporary housing, it’s generally cheaper than two mortgages.
Buying First
It happens. You’re only thinking of selling, and suddenly the right home shows up. Now you have to sell your old home quickly. Here are some tips on making things work in your favor:
- Negotiating a long escrow on this side of the sale works, too. You can also make the purchase contingent on your house selling. This will work better in a slow market, but it’s worth a try in any market. You never know what may also work best for the seller of your new home.
- Try and schedule the closing date of your current home prior to the closing on your new home. A rent back of your current home until your new homes closes can be a great way to bridge the gap without needing to make a double move. Keep in mind that this needs to be meticulously planned and negotiated upfront when you first receive the offer on your current home and not as an afterthought later when the buyer of your current home can choose to say no. Otherwise, temporary housing is still often a better situation than two mortgages.
- Take a close look at what price you’re going to ask for your home. Make sure it’s realistic in the current market.
As Oregon & SW Washington’s largest and most successful real estate brokerage that sells over 2 Billion in real estate per year, we are experts at this process and welcome the opportunity to discuss your unique situation and how we can best structure your transition.
All information provided is deemed reliable but is not guaranteed and should be independently verified. IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by RMLSTM.
The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLSTM of Portland, Oregon. Real estate listings held by brokerage firms other than RE/MAX equity group are marked with the RMLSTM logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2023 RMLSTM, Portland, Oregon.
This content last updated on September 24, 2023 9:39 PM UTC at 4 AM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
