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                                Buying & Selling at the Same Time?

Are you planning to buy a new house but you haven't sold your current home yet? Are you concerned of how you're going to close on your current home and close on the new home all at the same time? Or, a bit worried about perhaps owning two homes while your current home sells?

Before you start this journey and you put your current house on the market, please take a few minutes and watch this video. You're going to be glad you did! At the end, I have a bonus for you.


Today, I'm going to talk about how you could buy a new home before or while your current home is being sold. We're going to take a look at the three most common scenarios, and the pros and cons of each, and how it might apply to your personal situation. More importantly, by the end of this video, you'll know what path is right for you in order to achieve that smooth and stress-free transition to your new home.

Let's get started right now.... Most homeowners looking to buy a new home have to sell their current home in order to afford the new home. In fact, 68% of homeowners looking to buy a new home are in this situation. You may need the equity out of your current home in order to put the down payment on the new home, or you may have to sell your home in order to qualify for the new home, in order to pay the old one off first, or both.

You're probably thinking, no problem. We'll just make an offer on the new house contingent on the old house selling, and you'd be right. If we were in a buyer's market, and if you are lucky enough not to be in a multi-offer situation on the home you're trying to buy. We are still very much in a seller's market and our inventory still remains low.

This is actually great news for you. More about that in a sec. How are you going to pull this off? The ideal scenario would be for you to receive a rock solid cash offer on your current home and your new buyers give you ample time to close on your new home. You can then do simultaneous closings, meaning that you can close on the current home and close on the new home within a few minutes of each other on the same day. I've done a lot of these through the years, but it's not the norm.

Being a repeat buyer, you do have options when your buy and sell timelines don't work perfectly in place. One option would be is to get a low down payment loan. By owning two homes temporarily for a very short time, can really increase your flexibility, especially if you don't owe anything on your current home. By doing this, you can eliminate having to make a contingent offer on the new house, so if you're comfortable with and can qualify for possibly two mortgage payments, temporarily, this can really provide a lot of flexibility for you.

There is no rule that says you cannot apply for a new mortgage by still owning your current home. You don't have to say that you're going to rent it out or even say that you're going to do so. You just simply add the new mortgage payment or the new house payment to the list of other monthly expenses when applying for your new mortgage.

If you qualify for both loans, again temporarily, you can then keep your current home and just sell it after you close on the new house. A temporary double payment is not the only consideration here. You've got to decide how you're going to make the down payment on the new home. Again, many repeat buyers rely on the equity they built in their current homes to put towards the down payment of their new home. If you plan on keeping your home, obviously you're not going to have those sales proceeds in order to put that down payment on the new house.

You're going to need to have some cash in savings or other asset accounts. There's another way. You can go with an 80/10/10. That's an 80% mortgage, a 10% second mortgage, and a 10% down payment. Some lenders even allow you to do a 15% second mortgage and a 5% down payment. This can work beautifully for those of you who still own your current home. It works like this.

When you sell, you're going to pay off that second mortgage and you're left with a single smaller mortgage, as if you've made a larger down payment in the first place. If that sounds a little confusing for you, or you're not really sure what I'm talking about, I've put a link below, and it talks in detail about the piggyback loans. It can work beautifully, but you still may feel that you need the sales proceeds of the current home or you may not qualify for the temporary dual mortgages.

If so, and you want to remain in your current home until you purchase or close on the new home, you're going to have to make an offer on a new home contingent on your current home selling, but stay with me. I'm going to share with you one last scenario that I feel like in today's market is the best option.

You could sell your current home first, then start looking for a new property. Of course, this solution is going to require you having temporary living situations set up and putting your stuff in storage and maybe moving twice, but the extra logistics can pay off big. Remember what I said earlier? We're in a seller's market right now. That means you are in the driver's seat. Take advantage of these increased sales prices. Also, you can afford to be choosy when accepting a particular offer. Time is on your side.

Plus, if you're financing, you're buying your new home with historically low interest rates. Because we are in a seller's market, our inventory is still low. It may take you weeks to find your ideal home. It is so much better to make a relaxed, well-informed decision, opposed to having to settle for whatever's available out there at the time. With your current home sold, you are now free to not compromise on those must haves, home amenities or your ideal location.

Before embarking on this journey of selling your current home and buying another, please sit down with your real estate professional and talk through all of your options. Together, make a plan that makes sense to your individual circumstances that will result in a smooth and stress free transition.

I'm Lisa Kelly, Lakeland Homes and Lifestyles with Premier Realty in beautiful Lakeland, Florida. I hope you found this information helpful, now that you know that you have several options when you're trying to sell and buy at the same time. If you did, hit like, and also feel free to ask me all your questions in the comments below.

Oh, and the bonus I promised you. Below, you're going to find a link to my 21 page seller's guide. In it, you're going to find loads of information to get you on the path to a quick and profitable selling experience.

Enjoy! And until then, I'll see you on the next one.
 

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What my clients are saying  

My experience while purchasing my first home was the best experience I've ever experienced. With Lisa's guidance it was a stress free experience. She made sure I was comfortable and understood every step. She gave her opinion from the heart. You can tell she genuinely wanted you to have the home you desired. She is very personable and that's great when you are purchasing a large investment. I am forever grateful of her help. So if you are looking to have a wonderful experience while purchasing or selling any property Lisa Kelly Realtor is the way to go.

 

~ Candace Engram

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Tom and Kim Manske

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Kim Manske

Sidney Wyland Lisa Kelly was our realtor that helped us with our move from Utah to Lakeland. She is a very good resource for us in Lakeland and helped us buy our new home. We found Lisa on the internet. She has helped us with all the contacts and scheduling to insure all things here went smoothly. The closing on our home was completed on time which was very important as we had are household goods being delivered from two different states. She also continues to be there for us for any referrals or help we may need here locally. I would highly recommend her to anyone buying a home.

 

~ Rick and Sidney Wyland

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee and Frankie Brown

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill and Patricia Crabb

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill & Patricia Crabb

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee & Frankie Brown

01/03/2017 - shunter317 Bought a Single Family home in 2016 for approximately $175K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is an exceptional agent as she knows real estate law and the local market. She communicates and is extremely responsive to her clients questions and needs. She walked us through a complicated contract. We consider Lisa a new friend.

 

~ What Others Had to say

Highly likely to recommend 08/09/2016 - HappyBuyerNEOH Bought a Single Family home in 2016 for approximately $225K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I highly recommend Lisa Kelly! She was awesome to work with through the whole process. Her communication and promptness went above and beyond my expectations. Working in the mortgage industry, I see all types of realtors, if you want a genuine, awesome, go getter- she is your girl!

 

~ What Others had to say

Highly likely to recommend 10/27/2014 - jessbparker Bought a Single Family home in 2014 for approximately $75K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I cannot say enough about Lisa Kelly. She helped my husband and I buy our first home when we had limited funds and difficult circumstances. She is extremely knowledgeable about homes, market, taxes- anything you could want to know. She is also an excellent advocate for her clients during negotiations, which really came in handy when you're a nervous first-time home buyer.Less

 

~ What others had to say

Highly likely to recommend 02/22/2014 - par167 Bought a home in 2014. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa Kelly is the hardest working woman I know! If you are in the market to buy or sell take it from my personal experience she delivers results!In Polk County or anywhere else for that matter you will be hard pressed to ever get better service. Paul Renner.....

 

~ What others had to say

Highly likely to recommend 02/25/2012 - user027478 Bought and sold a Single Family home in 2011 for approximately $275K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is the most professional realtor I've ever worked with... she's direct, honest, highly-knowledgable, very responsive and a consummate professional. She played fundamentally important roles in helping us to sell our house in a tough market. She's a hard worker and also gave us great advice and we were able to sell after listing for about 30 days. She then helped us find and close on our dream home. Her persistance and negotiating savvy helped us buy a house that was not a very convential listing. If we'd had an average realtor, we'd have been a lot less successful with both our deals. I'd recommend Lisa to anyone who wants to work with a genuine professional. She could write a book on what it takes to be an outstanding service provider.

 

~ What others had to say

02/09/2012 - Alyson7707 Bought a Single Family home in 2009 for approximately $125K in Bartow, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: We absolutely loved our experience with Lisa.. She is incredibly knowledgeable and dedicated to finding the home of your dreams. We couldn't be happier with the home she found us or the time we spent with her--she made the experience exciting and easy. We do not hesitate to recommend her to friends and family and will absolutely work with her in the future. Thanks again Lisa! -Michael & Alyson Elrod

 

~ what others had to say

Highly likely to recommend 02/08/2012 - AimeeWeed Bought a Single Family home in 2010 for approximately $100K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa was always quick to respond to my questions. I honestly think that my family and I would not be in this wonderful house without her hard work. She is honest, not afraid to give her opinion in a helpful way, and she is very knowledgeable in all aspects of her job.

 

~ what others had to say

Wonderful wonderful experience. Lisa is what I call a dream maker. I had the dream, and she made it a reality.Lisa's hard work, her quick response, her compassion in knowing I was a single mom purchasing my first house, has earned my loyalty in using her as my realtor for life.

 

~ what others had to say

Highly likely to recommend 03/09/2011 - reedswife11 Bought and sold a Single Family home in 2011 for approximately $75K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: This woman is amazing, we have run into every road block imaginable and she has negotiated our problems quickly and effectivly everytime. Always available and Always puts her clients first

 

~ what others had to say

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