Selling and buying

What's your best option to sell and buy without losing your place?

There's an order for this, and it's decided before your home goes on the market. Answer 5 questions and see which of the five options looks most like your situation.

Question 1 of 5Do you know how much you really have in your home?

What's left after you pay off what you owe. Not a number from a website.

Yes, I have a real numberI have an idea, but not a real numberNo, not yet

Question 2 of 5Do you need the money from this home for the down payment on the next one?

Yes, the down payment comes from the saleNo, we already have the down payment savedI'm not sure

Question 3 of 5If your lender says yes, could you pay for both homes at the same time for a few months without stretching?

I'm not asking how much you make. Just how it would feel for your family.

Yes, we'd be comfortableNo, it would be too muchI don't know, we'd have to look

Question 4 of 5Is there a date that can't move?

For example, the first day of school, a new job or the end of a lease.

Yes, we have a fixed dateNo, we have flexibility

Question 5 of 5Does part of your family's income come from your own business?

When there's a business, the lender reviews different paperwork. Knowing it from the start helps choose the best option.

Yes, all or part of itNo, it's all from a paycheck

I don't ask what your home is worth or how much you make.
You see your best option before you leave your information.
You can text your result to your partner.

The five options

They all work. The trouble starts when you pick the wrong one for your situation.

1. Sell first. You sell your home and buy with the money already in hand. With a written leaseback, you stay in your home a few days after closing while you close on the new one.
2. Buy first. You buy the new home, move once, and sell yours empty.
3. Same day. The sale and the purchase close on the same day. The sale closes first and the purchase after.
4. Sale contingency. You make your offer with one condition: if your home doesn't sell, you don't buy.
5. Bridge or line of credit. You use what you have in your home for the down payment before you sell it, with a bridge loan or a line of credit.

Veronica Yeary

REALTOR® · All City Real Estate DFW