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I have a home that I want to sell and purchase another one?

Selling and buying another home How does this procedure work

Asked by Anonymous | Federal Way, WA| 08-12-2021| 1,576 views|Buying|Updated 3 years ago

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Zoltan PeresztegiReal Estate Agent3 months ago

In Washington the answer comes down to two specific NWMLS forms, and knowing which one you will be using tells you exactly how strong your offer is going to be. Form 22B is the contingency for the sale of your property, used when your home is not yet under contract. You still have to find a buyer, get an accepted offer, and close. Form 22Q is the pending sale contingency, used when your home is already under contract and you are waiting on that closing. Sellers treat these very differently, and rightly so. A 22Q offer comes with the buyer's own purchase and sale agreement attached, so the seller can see a real deal in progress. A 22B offer asks a seller to take their home off the market while you go find a buyer. In a competitive King County listing, 22B offers frequently lose to offers with no contingency at all. So the practical sequence, and this is what I would do in your position: 1. Get fully pre-approved first, not pre-qualified. Fully underwritten, with income and assets reviewed. This costs nothing and it determines everything downstream. 2. Get your current home genuinely list ready before you go looking. Photos taken, repairs done, decluttered. Not listed, just ready. The goal is that you can go live within seventy two hours of deciding. 3. List, get under contract, and then shop with a 22Q. This is the move that converts you from the weakest kind of buyer to a credible one. Yes, it means a period where you are sold and not yet bought, and that is exactly what the next step handles. 4. Cover the gap. Others in this thread mentioned bridge loans and rent-backs, both real. In Washington a rent-back is written as a possession agreement after closing, and 30 to 60 days is a very normal ask, especially if you build it into your listing terms from the start rather than raising it after you have an offer. Ask for it at the beginning and buyers price it in without drama. The alternative, if you have significant equity, is a home equity line of credit opened before you list, used as the down payment on the next home so you can buy first. Two things about it: lenders generally will not open a HELOC on a home already listed for sale, so this must happen first, and rates are meaningfully higher now than when this question was posted in 2021, so run the actual monthly carrying cost for the two or three months you would use it. One honest note on timing: the Puget Sound market of 2021 and the market of 2026 are not the same, and the strategy that made sense then may not now. Ask any agent you interview specifically how many contingent offers they have gotten accepted in the last six months. That answer, not a general opinion about the market, is what tells you whether your plan is workable right now. I am a real estate professional, not a lender. I am Zoltan Peresztegi and I work in Los Angeles and the South Bay of California, so Federal Way is not my market. Glad to connect you with a South King County agent who does back to back transactions regularly if you would like an introduction. Zoltan

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Mary WassefReal Estate Agent4 months ago

There are several ways to buy a new home while selling your current one, and the best option depends on your finances, your local market, and your tolerance for risk. In my 23+ years as a Realtor, I generally see homeowners choose one of three approaches: 1. Sell First, Then Buy This is the most conservative option. You sell your current home, know exactly how much equity you'll have available, and then purchase your next home. The downside is that you may need temporary housing or negotiate a leaseback from your buyer if you can't find your next home before closing. 2. Buy First, Then Sell This option allows you to move directly into your new home without the stress of temporary housing. However, you'll need to qualify for the new mortgage while still owning your current home. Some buyers accomplish this by using savings, a bridge loan, or tapping into the equity in their current home through a home equity loan or line of credit. 3. Make a Contingent Offer In this scenario, you make an offer on a new home that is contingent upon the sale of your current home. This can work well, but in competitive markets some sellers are reluctant to accept contingent offers because of the uncertainty involved. Whether this is a viable strategy depends heavily on local market conditions. There are also creative solutions that may be available depending on your circumstances, including bridge financing, leasebacks, or using existing equity to facilitate the purchase before your current home sells. This is where a good Realtor can be extremely valuable. An experienced Realtor can help you evaluate your home's likely sale timeline, estimate your available equity, coordinate the timing of both transactions, and help you determine which approach makes the most sense for your situation. Every situation is different, but people successfully buy and sell at the same time every day. The key is understanding your options and developing a strategy before you begin the process. Mary Wassef Founder | Broker Circa Real Estate Top Producing Houston Realtor | Luxury & Historic Home Specialist Five Star Professional Award Recipient (15+ Years) | Luxury Home Marketing Guild Member | PRNEWS Award Winner Serving Houston Heights, Woodland Heights, Sunset Heights, Norhill, Garden Oaks, Oak Forest & Spring Branch

Keith Jean PierreReal Estate Agent5 months ago

Moving without a gap between homes requires careful synchronization of your closings or lease dates. The most actionable strategies include negotiating a rent-back agreement, utilizing a portable storage container, or securing a bridge loan if you need equity from your current sale. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

John GasperReal Estate Agent6 months ago

Selling your home while buying a new one is a common but complex "domino effect" that requires careful timing and financial coordination. Most homeowners use the equity from their current house to fund the down payment on the next, making the two transactions deeply interconnected.

Aaron FarrReal Estate Agent7 months ago
Novice6 Answers

Selling one home and buying another is very common, and a lot of Spokane homeowners go through this process. The first step is to talk with a lender and find out what you qualify for, whether you need the proceeds from your current home for the down payment, and how much flexibility you have with timing. From there, your real estate agent helps you figure out your home’s likely sale price, your estimated net proceeds, and the best strategy for buying your next home. Some people sell first and then buy. Others buy first if they can qualify to carry both homes temporarily. In some cases, the purchase is made contingent on the sale of the current home. The key is coordinating timing, closing dates, possession, and moving plans. A Spokane real estate agent and lender can help you understand options like rent backs, bridge financing, and sale contingencies so the process goes as smoothly as possible.

Bonnie IrbyReal Estate Agent7 months ago
Rising Star22 Answers

Consult with an experienced realtor to devise a marketing plan, establish pricing and expectations around time on market. Get prequalified with a seasoned lender and determine whether you must sell in order to buy. Explore the market with your broker for the purchase, that way if you have to sell in order to buy you will have a clear idea about generally what you can anticipate as your buying power. If you have to make a contingent offer do so after your current home is through inspection, this sets you up for a stronger negotiation and ultimately greater success.

Ashleigh CambergReal Estate Agent8 months ago
Rising Star12 Answers

First, hire a real estate agent who has experience with this type of move. Selling and buying at the same time takes planning and strong contract knowledge. Next, talk with your lender. Find out if you qualify to buy first and then sell, or if you need to sell your current home first in order to use that money to purchase the next one. Some people have to close on their current home before they can close on the new one. There are many ways to structure it. You might list your home first, get it under contract, and then shop for your new home. Or you might find your new home while getting your current home ready, get your offer accepted, and then quickly put your home on the market. There are options to help make the timing work. That is why it is so important to work with someone who has experience with these types of transactions.

Amanda CourtneyReal Estate Agent11 months ago

This is very common! You can either sell first, then buy — or do both simultaneously using a contingent offer. Your agent can coordinate timing so the closings align, minimizing the need for temporary housing or bridge loans.

Nicole ServissReal Estate Agent1 year ago
Rising Star16 Answers

Selling and buying at the same time is very common, and there are a few ways to approach it. Some people sell first so they know exactly what they can spend on the next home. Others buy first using options like a bridge loan, a home equity line, or a contingent offer. The right path depends on your finances, timeline, and comfort level. As your agent, I would walk you through the numbers with a net proceeds sheet, explain your loan options, and help you coordinate both closings so the transition feels smooth. With the right plan, you can move from one home to the next without unnecessary stress.

Margo ChristophilisReal Estate Agent3 years ago

Good morning, Selling and buying depend on your needs. You could buy first if you have the capability and then get your home ready to sell. You could sell and buy at the same time. We need to be strategic. You could buy contingent on the sell of your home. I will be available after the 22nd. Please feel free to call me 206 963 5525 or email me at [email protected].

Tracy MathisReal Estate Agent5 years ago
Novice1 Answer

Myra there are a few different options depending on your situation. Do you qualify for another home without selling your home 1st? Will you be using the proceeds from the sale of you home as a down payment on your new home? There are questions we would need answered to be able to tell you exactly how that works. Feel free to contact me and lets talk. Tracy

Octavio MorenoReal Estate Agent5 years ago
Novice6 Answers

You will need to list your home contingent to seller find a new home and close escrow concurrent

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