You will not be homeless if you need to sell your current house to buy a new one in Spokane or North Idaho. We can protect you by making your sale contingent on finding a new home. Or, we can make your purchase contingent on selling your old house. Plus, you might even qualify for special financing options to bridge the gap.
Option 1: Sell First With a Contingency
You can accept an offer on your home but add a contingency that you must find a new house within a specific time period. This makes you a stronger buyer when you go out to look. If that time period ends and you haven’t found a place, you have three choices. So, you can rent a temporary place and let the sale close. Or, you can ask your buyer for an extension. Finally, you can just terminate the contract with no harm, no foul, and take your house off the market.
Option 2: Buy First With a Contingent Offer
You can find your new home first and make an offer contingent on selling your current house. For this to work, we have to find a seller willing to wait for you to find out what your home is worth. Sometimes a seller has been on the market for a month or two, so they are happy to wait a little longer. When that happens, we close on both homes at the same time. However, this limits your choices because not every seller will accept a contingent offer. On top of that, we have to price your current home to sell quickly within that finite window.
Option 3: Use Financing to Bridge the Gap
If you qualify, you can carry two mortgages at once or use a bridge loan to buy your new home before selling the old one. This lets you buy your next home immediately. Then, you put your old house on the market. Once your current property sells, you can use that profit to pay down your new loan. In fact, you can put a big lump sum down to readjust the pricing of your loan. As a result, you get a delayed closing on your current property without missing out on your dream home.
Have more questions about buying and selling at the same time? Visit spokanehomeguy.com or call 509-990-SOLD (7653) — we’re happy to walk you through it.
FAQ
If you can’t find a new home in time, you have several options. You can ask the buyer for an extension, rent a short-term place, or simply cancel the contract. As a result, you are fully protected without any penalty.
No, not all sellers will wait for you to sell your current house. You have to find a seller who is willing to take a contingent offer. Because of this, buying first limits your overall options in the market.
A bridge loan lets you use financing to purchase your new home before selling your old one. Then, after your current property sells, you apply a large down payment. Ultimately, this allows you to readjust your loan pricing later.
