This market is crazy, no? One question I get often is HOW do I buy a house and sell a house simultaneously? Well, never fear, I made a video for you to see how to buy and sell a house at the same time. Check it out!
In this video, we discuss three options for buying and selling your house at the same time.
- Sell your house and rent back, rent a short term rental (think AirBNB), or crash at a friend or family member’s place until you buy.
- Use a bridge loan. This means borrowing equity from your current home to use as a down payment. Once you sell your house, you will pay this loan back in full.
- Talk to your mortgage broker about re-casting your mortgage once you sell your house. You’ll have to put down a smaller down payment on you new house, but will be able to recalculate your loan once you sell your old house.
Keep in mind – these aren’t the ONLY ways you can buy and sell a house at the same time. But these three options are the best way to confidently submit offers on a new home without a contingency. It’s not impossible to go under contract with a contingency, but it’s pretty difficult in this market (more on that in another blog post).