Buying While Selling your Central Texas Home

Buying While Selling your Central Texas Home

Buying While Selling your Central Texas Home

Buying a new home while selling your current one in Central Texas can be a bit complex, but with careful planning and the help of a qualified real estate agent, it's entirely manageable.

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What is a Contingency?

Buying a home while needing to sell an existing home to make a purchase creates a contingency in a purchase contract. A contingency is a provision in a real estate contract that specifies the contract would cease to exist upon the occurrence of a certain event. For example, if a buyer made an offer to purchase a new home, but wrote in their offer they needed to sell their current home first to make the purchase, this would be a contingency. If a seller accepts a buyers contingent offer and the buyer couldn't sell their home, the buyer would be fully released from the contract.

Here are some steps to consider when buying while selling:

Assess Your Finances: Before diving into the process, assess your financial situation. Determine how much equity you have in your current home, how much you can afford to put down on a new home, and what your budget is for a new property. You may also want to explore financing options such as bridge loans, home equity lines of credit (HELOCs), or contingent offers.

Work with a Real Estate Agent: Hire a reputable real estate agent who has experience with both buying and selling properties in Central Texas. They can provide invaluable guidance throughout the process, from pricing your current home competitively to negotiating the best deal on your new home.

Prepare Your Current Home for Sale: Get your current home ready to sell by completing any necessary repairs, decluttering, and staging it to appeal to potential buyers. Your real estate agent can offer advice on how to maximize your home's appeal and market value.

List Your Home: Once your home is ready, work with your real estate agent to list it on the market. Be prepared to show your home to prospective buyers and to negotiate offers.

Start Shopping for a New Home: While your current home is on the market, begin searching for your new home in Central Texas. Work closely with your real estate agent to identify properties that meet your needs and preferences.

Consider Contingent Offers: If you find a new home that you love before selling your current one, you may want to consider making a contingent offer. This means that your offer to purchase the new home is contingent on the sale of your current home. Keep in mind that contingent offers may be less attractive to sellers, especially in a competitive market.

Coordinate Timing: Coordinate the timing of your home sale and purchase to minimize the time between transactions. This may involve negotiating closing dates and temporary housing arrangements if necessary.

Close on Both Properties: Once you've accepted an offer on your current home and found a new home to purchase, work with your real estate agent to navigate the closing process for both properties. Be prepared for some overlap in timing, especially if you're moving directly from one home to the next.

By working closely with a knowledgeable real estate agent and carefully managing the timing of your transactions, you can successfully buy a new home while selling your current one in Central Texas.

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