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How to Be a Move-Up Buyer

Posted by Carrington Real Estate Services on April 25, 2014 at 11:06 AM

iStock_000013301958LargeSome homeowners are finding that while they are in a good position to sell, they face a number of hurdles to being a home buyer. How can you sell and buy a home at the same time in today's fast-paced market?

If you have positive home equity and would like to take advantage of your opportunity to purchase the home of your dreams, there are different ways you can go about making that happen.

Sell first. Once your transaction closes, you will place most of your belongings in storage and obtain a temporary rental or rent back from your home's new owner. You will then go through the process of finding and purchasing a home. Pro's: This is a safe and less stressful plan, which will allow you to take your time and make decisions on your own terms. Con's: Multiple moves and a longer timeframe.

 

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Buy first. Go through the home shopping process to find the home that is perfect for you and buy it. Then determine what your plan is for the other home: do you sell it, or do you rent it out for a year? Pro's: You can take your time and find the home you want, without having to make mutiple moves. Con's: You'll have to be able to carry two mortgages at once and possibly take on the responsibilities of being a landlord.

 

free ebook your comprehensive home buying guide

 

Sell and buy at the same time. Get yourself fully prepared for both the selling and buying sides of the process to help avoid problems with contingencies and timing. Find out about financial options for owning two homes for a short period of time, such as a bridge loan or Home Equity Line of Credit. Ideally, you would want to schedule closing dates so that you can remain in your current home until the new home closes. Pro's: Minimal disruption to your household and ideal timeline for closings. Con's: With deals closing fast, there's no guarantee the timing will be in sync for both homes. Bridge loans can be tough to qualify for, depending upon your individual situation.

For many of today's sellers, being a successful move-up buyer means working closely with an experienced agent througout the process. Every Carrington Real Estate Services agent is trained to help sellers find the best approach to buying in their local market.

Topics: Seller Resources, Buyer Resources

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