If you need to both buy and sell a home, here are three tips that can help.
Typically, when you want to both buy and sell a house, you try to buy the new one first. However, buying and selling homes has been challenging for the past year. Competition was so fierce that purchasing a new home first has been tougher than usual. To improve your chances, here are three tips to help you buy before you sell in our current real estate market:
1. Add a home-sale contingency. Making an offer on a new home with the contingency that your current house sells first is easier now than it has been for the past couple of years because there are fewer multiple-offer situations. By having this contingency, you’re not obligated to buy the new home if you’re unable to sell your current one.
2. Speak with a lender about your options. Your lender should have some suggestions to help you both buy and sell. There are a few different ways to successfully do a concurrent sale and purchase—it’s simply a matter of knowing what options are available for your situation. For instance, your lender may be able to help you get a bridge loan or another type of financing that allows you to sell your current house before buying the new one without worrying about contingencies.
3. Use a home-purchasing company. There are companies out there that will purchase your house and help you avoid many of the difficulties that come with buying and selling at the same time. Keller Offers is a program that might be able to help, and we’re Keller Offers certified real estate agents, so if you’re interested, ask us how we can help with that!
“A home-sale contingency will ensure you can sell your current house before buying a new one.”
Now for our “Did You Know” story of the day: Have you ever heard about the kidnapping at Heritage Hills mansion in Oklahoma City back in 1933? Businessman Charles Urschel was playing cards with friends inside his mansion on July 22 when the game was interrupted by a notorious gangster, George “Machine Gun” Kelly. Kelly kidnapped Urschel at gunpoint and drove him to his hideout in Texas.
Urschel was freed when his family paid the gangster’s ransom demand of more than $200,000. Kelly was captured two months later and spent the rest of his life in prison. Today the mansion remains a private home here in Oklahoma City but is available for tours.
If you have any questions about buying, selling, or real estate in general, call us or visit our website. If you’re looking for an agent in another state, also let us know. We’d be more than happy to connect you.
