If you need to sell your current home and buy another one, there are three options you can consider that will help you avoid being temporarily homeless or needing to move twice.
The first is a leaseback. This is the most effective way to get your home on the market and get it sold, while also being able to take your time looking for a new home. With this option, the buyer of your current home allows you to stay in the property after the transaction closes and gives you 30, 60, or 90 days to find a new one. Basically, you have four or five months from start to finish to sell your original home and buy a new one. We have four seller clients who are exercising this option as we speak.
If you sell your home and you get a little bit of time to close but still don’t find a house by the time you have to move, your next option is to rent a fully furnished apartment. We have executive housing apartments available for you in this case. These apartments offer everything—the only thing you need to bring along are your clothes. This option is a little bit more expensive than a traditional apartment lease because these specific apartments come furnished, but you do have the benefit of being able to put your belongings into storage and only renting for three months instead of signing a year-long lease.
Your third (and least-preferable) option is a contingency. When you’re looking online for homes on Zillow, Trulia, and Realtor.com and see contingency banners next to any of them, it doesn’t mean those homes’ sellers have accepted contingencies. That means those homes are contingent on things like a closing, inspections, and appraisals—not somebody else selling their home.
When you’re selling your home, which buyer would you rather accept an offer from—one who wants you to put your home on layaway while they try and sell their other home or one who’s ready, willing, and able with either a cash offer or a pre-approved mortgage?
Typically in our current market, the only sellers who are open to contingencies are the ones whose homes have issues or have been on the market for awhile. For a home that’s just hit the market, about 99% of the time you won’t be able to get a contingent offer accepted.
Your first two options are the best ones, but I’d be happy to talk you through all of these options if you’d like to know more. If you have any other questions or real estate needs I can assist you with, don’t hesitate to reach out to me. I look forward to speaking with you.