Is it possible to buy another house before selling the one you are in?
In the ideal world, buyers both sell their homes and buy a new one – at the same time. The truth is the process is not that simple. You need to expect some time between selling and buying since the process is full of complicated steps. It is entirely possible to do both, but the real question is whether or not you are going to want to do it.
Consider what you gain and lose by selling before buying or buying before you sell.
Pros and Cons of Selling before Buying
Pros
Cons
Pros and Cons of Buying before Selling
Pros
Cons
Steps to sell first
First, contact a real estate agent to list your home. Once you have a concrete offer, start looking for a new home. This can help the process be less stressful.
Decide where you want to live before beginning your new home search. Sometimes it takes weeks or months to find the perfect home. Make sure you have a place to live from the instant your sell your home until you move into your new one.
Steps to buy first
As soon as you list your current home, start searching for your new house. Being proactive will help avoid issues later on.
Make an offer and request an extended closing. This can help give you time to coordinate the sale of your old home.
Use your savings to help with the down payment of your new home. Alternatively, consider buying the new house with a home equity line of credit.
The process of buying and selling can have a significant impact on our finances and your mental health. It is stressful and can be financially prohibitive. If you are set on doing both at the same time, then you need to assess your circumstances carefully.
Compass Bridge Loan Services
A simple solution to bridge the gap between the home you have and the home you want
Compass Bridge Loan Services provides access to competitive rates and dedicated support from industry-leading lenders, with the exclusive option to get up to six months of your bridge loan payments fronted when you sell your home with a Compass agent.
Success Story
“We thought our former home would sell quickly. When it didn’t, the bridge loan became the crucial piece that allowed us to close on the purchase of our new home. We were surprised at how quickly everything went through — it was a no-brainer.”
Melissa, Seller
Experience the difference of working with a dedicated professional who prioritizes your needs, provides expert guidance, and ensures your satisfaction at every step of the buying or selling journey. Trust Eva to navigate the complexities with knowledge, honesty, and unwavering patience, making your real estate goals a seamless reality. Your dream home or successful sale awaits – let's make it happen together.
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