WHAT TO DO IN THE INTERIM OF BUYING A NEW HOME
One of the scariest prospects of selling your home in today's market is the possibility of being unable to find a new home to purchase after selling your current home. In a perfect scenario, the sale of your old home and the purchase of a new one would be flawlessly synchronized: sign two sets of documents, exchange keys and everything falls into place! However, that level of coordination doesn't always occur.
The thought of being without a home can be daunting, but it's important to remember that there are options available! Here are just a few ideas if you're considering selling, but wondering what you will do in the interim of finding a new home:
➊ Ask the buyer during negotiations for a leaseback agreement.
This is often the best option for a seller if the buyer is flexible because it allows you to only move once. A leaseback is essentially a lease agreement between you and the buyer, with you agreeing to pay their new mortgage as "rent" for a month or two so that you can stay in your current home as you look for a new one.
➋ Short-term rentals.
Although moving twice is not ideal, if you can sell your home for top dollar in today's competitive seller's market, it may just give you the extra cash needed to find a short-term rental to stay in, and a storage unit, while you hunt for a new home. With the shortage of inventory, this will allow you the flexibility to find the RIGHT fit, and not rush to find a home in a short period of time, or overbid on a home out of desperation. Have kids or pets and dread this option? Just remember, it's temporary!
➌ Stay with friends and family.
If it looks like it will be a matter of a short delay, you could stay with family or friends. The advantage of shacking up with loved ones is that it may be free — a big plus.
The current real estate market can be difficult to navigate, but having a solid plan and a good agent by your side can greatly impact your experience and make all the difference!
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