Every home buyer and seller would love a seamless transition from the old home to the new one. Of course this is ideal, but it shouldn’t hold you back from listing your home or buying a your dream home, if you know you know you are ready to make the move.
Sometimes we hear clients say, “I don’t want to move until I find the perfect house”. And we’ve found that the people who say this usually fear they won’t have enough time to look for the perfect house from the time that they sell their house until the time they get into the next house.
So, how can you buy yourself some time? Watch our video to find out!
If want to try to give yourself some more time in your dream home search, you have a couple of different options -
Option #1 - There are loan programs that allow you to tap into the equity of your home and qualify for two house payments. So if that dream home comes along early in your house search, there’s still a possibility you can purchase it and carry the mortgage for both properties until you are able to sell your existing home. Of course there are risks involved and we’d strongly encourage you to seek the advice of your lender, but if you’re able to qualify then this could be a good option for you.
Option #2 - You also have the option of a rent back agreement. A rent back agreement gives the seller extra time to live in the house for up to 30-45 days after closing, essentially letting the seller become the new buyer’s temporary tenants. This option can prevent sellers from having to move twice and buys them more time to find their perfect home.
Option #3 - Couchsurfing with a family member! This is often an option that people don’t like to consider, but temporarily staying on a friend or family member’s property, whether that’s in a empty rental, guest home or spare bedroom, can give you the flexibility to search for your perfect home. If this is a possibility for you, it might be just what you need to get you from where you are to where you’d like to be.
If you have more questions about the timeframe you might need to buy or sell your property, please give one of the BHURDinUtah agents a call. Every individual’s situation is different, and the best way to find out what works best for you is to talk to us about your plans. We’d love to help you achieve your homeownership dreams.