Selling your current house and buying a new one can be a challenging process, especially when you need to coordinate the timing of both transactions. In Austin, Texas, where the real estate market is competitive, it’s crucial to have a well-planned strategy to avoid ending up with two mortgages or being left without a place to live. The Seely Group, Austin’s premiere realtor, understands the complexities involved and has the expertise to guide you through this process seamlessly. In this blog post, the real estate experts at The Seely Group discuss the best way to sell your house and buy another without getting stuck with two mortgage payments.

Key Takeaways:

• Work with experienced realtors like The Seely Group to develop a strategic plan for selling and buying simultaneously.
• Explore options like buying first with contingencies, rent-back agreements, or selling contingent to avoid a double move.
• Have a backup plan in case the timing doesn’t align as expected, such as temporary housing or bridge loans, or take advantage of The Seely Group’s Guaranteed Home Sell Program or Buy Now, Sell Later Program.

Buying First, Then Selling:

One option to consider is buying your new home before selling your current one. This approach gives you the flexibility to move into your new home without the pressure of finding temporary housing. However, it also comes with the risk of carrying two mortgages until your current home sells.

To mitigate this risk, you can make your offer to purchase the new home contingent upon the sale of your current property. This means that if your current home doesn’t sell within a specified timeframe, you can back out of the contract without penalty. The Seely Group can help you craft a strong contingency clause and negotiate with sellers who may be hesitant to accept such an offer.

What is a Rent-Back Agreement?

Another option is to incorporate a rent-back agreement into the sale of your current home. With this arrangement, you would list and sell your home before finding a new one. Once you have a buyer, you can negotiate to stay in your current home for a short period (typically one or two months) after closing by paying rent to the new owners.

This approach allows you to have the funds from the sale of your current home to use as a down payment on your new purchase. However, it’s important to work closely with The Seely Group to find and close on your next home within the rent-back timeframe to avoid moving twice.

What is a Sell Contingent?

If you’re in a seller’s market, you may be able to sell your home contingent upon finding a new one to buy. This means that the sale of your current home is contingent on you successfully purchasing another property within a specified timeframe. If you don’t find a new home within that period, you can cancel the sale without penalty.

While this option can be appealing, it’s important to note that buyers may be hesitant to accept such an offer, especially in a competitive market. The Seely Group can help you navigate this process and present a compelling case to potential buyers.

Have a Backup Plan – Sell Your Home Guaranteed!

Despite your best efforts, the timing of selling and buying may not align perfectly. In such cases, having a backup plan is essential. The Seely Group can advise you on options like:

• Securing short-term rental housing or staying with family/friends until you find your new home.
• Exploring bridge loans or home equity lines of credit to cover the gap between transactions.
• Considering renting out your current home temporarily if you’ve already closed on the new property.
• Use The Seely Group’s exclusive guarantees and program offers like the Your Home Sold Guaranteed Program and Buy Now, Sell Later Program

By working closely with The Seely Group, you’ll have access to their expertise, negotiation skills, and industry connections to help you navigate the complexities of selling and buying simultaneously in Austin. Their goal is to make this process as smooth and stress-free as possible, ensuring you can transition seamlessly into your new home without the burden of a double mortgage.

Sell Your House and Buy Another – Call or Text Dallas or Amy Seely Today and Start Packing!

When you’re ready to sell your house and buy another, choose Austin’s top real estate professionals at The Seely Group. Dallas and Amy Seely and our team of real estate experts will leverage decades of combined experience to maximize your home’s value and marketability.

We utilize proven selling strategies, leverage extensive media connections, and work tirelessly on your behalf to get your home sold quickly and for top dollar. Our full-service guidance makes selling your property hassle-free.

Contact us today to find out what your home is worth! The Seely Group – your home selling experts in Austin.

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!