I need to sell my house and buy another one. How do I keep from paying for two homes at the same time?

Couple coordinating the timing of selling one home and buying another

The transaction can often be structured so the sale and purchase are coordinated instead of leaving you with two long-term housing payments. Options may include selling first, coordinating closing dates, negotiating a rent-back, using a purchase or sale contingency, or discussing short-term financing options with a lender.

Choose a timing structure early

Common approaches include selling first, coordinating closing dates, negotiating a rent-back, using a purchase or sale contingency when available, or discussing short-term financing options with a lender.

Every option has tradeoffs

A rent-back depends on the other party agreeing to it. Contingencies can affect the strength or flexibility of an offer. Short-term financing products depend on qualification and lender terms, so they should be discussed directly with a lender.

Coordinate everyone before the deadlines arrive

Dominique can help align the listing, replacement-home search, lender, escrow, and closing timeline so the strategy is decided before you are under pressure from competing dates.

California and San Fernando Valley context

Selling in the San Fernando Valley is property-specific. Pricing, preparation, replacement-home inventory, financing, and the timing of competing listings can affect whether it makes sense to move now, wait, or coordinate a purchase with the sale.

References

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