Are you planning on buying and Austin Texas home while selling one at the same time?
Although this option may be difficult for some buyers, the reality is that it’s necessary, especially if you have to use the equity in your current home to purchase another home.
Thankfully, it is possible to buy a home while selling one at the same time if you follow these tips.
Tip #1 – Use A Home Sale Contingency
One of the easiest ways to buy a home while selling one at the same time is to have a home sale contingency.
With this contingency, If you can’t find a buyer for your current house in time you may also have the option to extend the contract or even back out of the deal.
You could also use a home sale contingency when selling your home. This means that the sale of your home would be contingent upon you being able to purchase another home. If you are unable to purchase another home in time after your home sells you could also choose to rent back your old home for another 30-60 days until you were able to purchase a new one.
Tip #2 – Obtain A Bridge Loan
Bridge loans are excellent options for dealing with situations where there are financial strains especially when you have to sell your old house in order to buy a new one. If you are unfamiliar with how Bridge loans work, the bridge loan will enable you to pay off the mortgage on your current home so you won’t have to carry that mortgage, then when your new home sells, you use the proceeds from the sale of your home to pay off the bridge loan.
Tip #3 – Own Both Properties Temporarily
Last of all, but most important, another option to consider is holding both properties at the same time.
Although this may be a stretch financially if you don’t have a secondary source of income to pay your second mortgage, the reality is that holding on to your old home while currently living in your new home will give you the opportunity to purchase your new home without having to go to the strain of having to sell your old home in order to use the proceeds of that sale for your new home.
Search for Homes for Sale in Austin
To learn more about how to sell your home while buying a new one, or to search for homes for sale in Austin, contact me today by calling (512) 944-7378 or click here to connect with me online.