You have plenty of options if you need to buy and sell in this market.
We want to talk to you today about how you transition from selling to buying in this market. There are even opportunities to buy a house before you sell your old home. It sounds crazy, but in 2022, you have plenty of options, and I want to share them with you.
There are a lot of iBuyer programs out there. Through them, companies will buy your home directly and rent it back to you after closing so that you have time to find somewhere new. Opendoor offers a program like this, and you might be able to find one in your local real estate community.
If you’re looking to buy, there are also companies out there that will help you do that. They will buy the home you want with cash, charge you a fee, and lease that new house back to you. That gives you time to sell your old house, secure financing, and buy the new house back from the company.
A bridge loan is another option. If you have a lot of equity in your home, you can get a bridge loan so that you can buy a house without a home sale contingency. It is essentially a transition loan, so after you buy, you’ll sell your old home and apply the capital to the loan.
“If you don’t know all your options, it could cost you thousands.”
We also set up a lot of different closing times, using things like leasebacks. With a leaseback, you close on a home and rent it back from the buyer until you find a new house. You could also put a suitable housing contingency in the contract. You would have a certain amount of days to find a new property, and if you can’t find one in that time, the contract will be nullified.
If you’re thinking about selling a home in 2022, make sure that you know all of your options before you make a decision. Otherwise it could cost you thousands of dollars or make you lose out on the perfect home for you.
If you have any questions about the options we mentioned or real estate in general, call us at (865) 500-HOME or send us an email. We’d love to hear from you.
