For instance, when I started helping clients buy and sell homes in the 1990’s, most people who wanted to “move up” to a more expensive home had to sell their current home first. That was considered normal.
In the early 2000’s, when lenders “loosened” their guidelines, most people could obtain a loan to purchase the new home and keep their current home, either to sell it later or turn it into an income property by renting it.
We are back to the “way things used to be done” when it comes to “moving up”. Most people these days will need to sell their current home before buying the new one. Homeowners have a couple of choices when they are in this situation.
- They can sell their current home and move to temporary housing (with family, rent a place, I have even had people live in their RV’s).
- They can sell their current home contingent upon finding a replacement home. Then we try to close both transactions within a day of each other.
I successfully closed a few transactions this way last year for the first time in many years; and I have another transaction closing this week where this was done. But we had three “legs”…my seller’s buyer had to sell her home and her buyers had to sell their home. We are closing all three transactions this week and have four happy families.
How do we do this? It requires cooperation, creativity, and tenacity!
Would you like more information about how it works? Just let me know! I would love to help you, too!