Buying and selling at the same time can be tricky. Here’s one way we help make the process easier for our clients.
If you plan on selling your home and buying a new one, do you have a “plan B” in place for when your home sells in the next 30 to 45 days? This is a question I recently asked a client of mine who is relocating to Chicago and needed to sell their St. Louis home.
I told them that if I listed their house and it sold quickly, they would need a place to go even if they hadn’t found their new home yet. They didn’t have an answer, so I laid out some steps for them.
The first thing I told them to do was get a home equity line of credit. On a home equity line of credit, you can’t have your current home on the market but you can take roughly 80% of its value and use it for the purchase of a new home. That gave my client leverage with the seller in Chicago because they were basically a cash buyer with no financing or sale contingencies.
It’s a win-win situation for them because it takes the pressure off of them having to sell their house in St. Louis right away. Now, my client will be able to buy their new house in Chicago and wait for the right offer to come along in St. Louis. There won’t be pressure to take the first offer that comes along like there would have been if they decided to sell before buying a new home. This is just one example of how we can find a solution for you no matter what your real estate goals are.
I can help you out with buying and selling homes no matter your situation. If you have any questions for me at all, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.