Buying and selling a home at the same time can be a complex process. Many people can be very perplexed, but an experienced Realtor can guide you and keep your stress levels as low as possible. A Waltham Realtor suggests a few options when it comes to buying and selling at the same time that can hopefully keep all moving along smoothly
Home Sale Contingency
One option suggested by a Waltham Realtor is home sale contingency. When putting a home sale contingency in place, the closing is contingent upon the sale of the buyer’s home. If the buyers current home sells by the specified date, the contract will move forward. If the buyer’s home does not sell by the specified date, the contract will be terminated. Unfortunately in this case, most sellers will not accept this. They will continue to show their property to others and not wait for you. Although this is an option, it is not Waltham Real Estate’s top suggestion.
Buy First/ Bridge Loan
Another suggested option from a Waltham Realtor is to take out a bridge loan. A bridge loan is a short-term loan used by a person or company until they secure their financing. In this case, a bridge loan would allow you to have the money to buy a new home before selling your current one. The pro to this option is that you will not have to worry about possibly having to find a temporary home during the process. The con to this option is that if you don’t sell your current home fast enough after you buy your new one, you may have two mortgages that have to be paid.
Delayed Closing
With Waltham Real Estate’s delayed closing option you can place your current home under contract with a later closing date so that you give yourself more time to find a new home. The pro to this option is the security of knowing your home will be sold and you won’t have to pay two mortgages. The con to this option is that if no home is found to buy, you still need to move at the end of the delayed closing date. This will force one to have to find a temporary home in the meantime.
Hire a Waltham Realtor
It is important to hire a professional Waltham Realtor to help you along this process so that you get the best outcome for your situation. A Waltham Agent will allow you to stay stress-free during this process as they will be able to walk you through every step. Contact Hans Brings today!