We often get questions about how to coordinate “selling and buying”, and there’s no one-size-fits-all solution. Home owners thinking of buying their next home need to solve the financing question of whether they can afford to buy the new one before selling the old one. If this is your situation, we can help. Finding the right solution for your family will involve the advice of a good lender, and definitely a great real estate agent. Although every case is different, here are some options some of our clients have used.
– Buy your new home, and then sell the old one (holding two mortgages for a short time).
– Sell your first home, [short term rent] then buy your next home (moving twice is the downside).
If you can’t swing two mortgages, then selling and closing before offering on the next home may be necessary. Ideally people prefer to only move once, and not be “homeless” while looking for their next home. Home sale contingencies may be possible in softer markets (outside the 128 belt and beyond), but not likely anywhere close to Boston. It may be possible to still only move once if you can arrange a longer closing time, or arrange to “rent back” from the people buying your home, (long enough to buy your next place). If you do need a short term rental, our clients have used Avalon, (furnished and unfurnished), Aloft in Lexington (great for families with kids), Homewood Suites in Arlington, Sonesta Suites in Burlington, and Extended Stay America in Waltham.
April and May typically have a ton of inventory, and we know lots of sellers who are trying to get their homes under agreement so they can focus on their next home, making a move within the same area. This requires skill and great communication between professionals representing the parties. Our lender, attorney, inspector, movers and buyer/seller agents are experienced making these transitions smooth. Waiting too long could hurt you, if you end up searching for your next home when inventory is at it’s lowest. If you or anyone you know needs to coordinate two transactions, ask us over for tea and we’ll help you sort things out. It’s not rocket science, but good decisions are essential, and we have the data and experience needed to help you plan your big move. Call us at 781-354-4835 to discuss, or come to one of our upcoming Seminars, where we go into this in detail with a lender available for questions.