Three Options for Selling and Buying A Home Both at Once


POSTED BY CAREN IN HOME FOR SALE

New homes and neighborhoods are popping up in Nevada, and whether you are looking for a new job or simply need an upgrade, there is no better feeling than becoming the owner of a brand-new home. The quality is expected to be great, there is little to nothing to renovate, and the home is already up to standards when it comes to energy efficiency.

However, while many homeowners want to move into new home developments in Las Vegas, they also would like to be able to sell their current home quickly, if not simultaneously, so the transition goes smoothly both time and money-wise. If you are concerned that this might not be possible, you don’t need to worry.

Here are three ways you can both buy a new home and sell your current one at the same time:

Adjust Your Current Home’s Settlement Date

Ideally, many homeowners would like to be able to get their home sold before they buy a new home so that they have the money they need for their seller. If not that, it can determine what they can afford. If you are not keen on the idea of moving to another person’s home before finding a new place to live, you can always negotiate with the buyer on the settlement date.

Moving the settlement date means that the homeowner will have to wait before they can move in. Doing this, however, can give you time to look for a new home and also to prepare when you are able to close a deal. Both parties involved in selling your current home, however, would need to be okay with your settlement date, so you can either negotiate with your buyer on flexibility or look for another buyer willing to comply with this date.

Add A Home Sale Contingency

If there is a new home you really fall in love with, but you don’t want it going to another buyer as you wait for your current home to sell, there is what is called a home sale contingency. There could be obstacles in trying to secure a new home you want as quickly as possible, but these hurdles can be limited with this contingency.

A home sale contingency is an addition to the deal on your new home, which you have to include and the seller has to approve of. This contingency allows you to claim the home, but you do not have to pay for it until you find a buyer for your current home. This contingency can also be extended in the event that you’re not able to sell your current home in a period of time.

Take Out A Bridge Loan

If money is your primary issue with buying a new home, there are bridge loans you can take out to help pay for it. Bridge loans are specifically for people with mortgages, allowing you to pay your mortgage off before buying a new dwelling. Bridge loans are short-term loans designed to make the process of moving to a new home easy. Bridge loans are also not hard to pay off, either, as you can use the money from selling your home towards this loan.

Summary

Looking for a new home can be exciting in Nevada, but whether you fall in love with a new home, or are worried that you could be without a place to live for a while, you can consider three different ways to make buying and selling homes happen at the same time. Consider all these methods when buying a new construction home in Las Vegas.

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