Buying Before Selling

While people usually sell a home before buying another one, sometimes life’s circumstances necessitate doing things in a more unconventional way. If you’re wondering whether you can buy a house before selling your current one, the short answer is yes. You can indeed purchase a new home before selling your current property. But keep in mind, it’s a decision that requires careful consideration, planning and a clear understanding of the advantages and disadvantages involved.

When Can It Be a Good Idea to Buy a House Before Selling Your Current One?

• Avoiding Timing Pressure: By securing a new home first, you can avoid the stress of rushing to find a new place or a temporary housing solution.
• Locking in the Ideal Home: You may come across a dream home that you fear might not be available when your current home eventually sells. Buying first ensures you don't miss out on the perfect property.
• Smooth Transition: Moving from one house to another can be logistically challenging. Buying before selling allows you to complete renovations, move your belongings and settle into your new home at a more comfortable pace.
• Renovation Opportunities: Some buyers purchase a new home with plans for extensive renovations. Doing this before selling the old home can minimize the inconvenience of living in a construction zone.

Disadvantages of Buying Before Selling

There are certain financial considerations and risks to be aware of when you buy first. Managing two mortgages concurrently can pose a financial strain, so always plan ahead and make sure you have the necessary resources to cover both sets of payments.

If you’re depending on the proceeds of your current home’s sale for a down payment on your next home, you may have trouble getting the cash together prior to the purchase. While there may be financing solutions to the down payment conundrum, those loans may be less advantageous than options available for homebuyers who can afford a large down payment.

Beyond mortgages, you'll also need to budget for ongoing costs such as insurance, property taxes, utilities and maintenance for both properties.

The Process of Buying Before Selling

1. Financial Assessment: Begin by evaluating your financial situation. Consult with a mortgage broker to determine how much you can afford and whether you qualify for a home equity loan or line of credit (HELOC) or a bridge loan (a short-term loan that is typically used to provide temporary financing for a real estate transaction.).
2. Secure Financing: Get pre-approved for a mortgage for your new home. This will demonstrate to sellers that you are a serious buyer.
3. Home Search: Start looking for your new home. Work with a real estate agent who understands your situation and can help you find a property that suits your needs.
4. Make an Offer: Once you find the right property, make an offer. Ensure that your purchase contract includes any contingencies necessary to protect your interests.
5. Prepare Your Current Home: Begin the process of preparing your current home for sale. This may include staging, repairs and setting a competitive asking price.
6. List Your Current Home: Put your current home on the market. If you’re interested in selling as quickly as possible, working with experts like 72SOLD with a reputation for getting great offers fast may be the way to go.
7. Coordinate Timing: Plan the timing of your move carefully. Ideally, you’ll want your current home to sell shortly after closing on the new one.
8. Purchase Your New Home: Proceed with the purchase of your new home. Once you’ve finalized the purchase and moved in, you can now focus on selling your old home.

Have You Found Your Next Dream Home?

Are you ready to close the deal on your new home and sell your existing property? At 72SOLD, we have the perfect real estate solution for you. We’re the real estate company that gets you competitive offers (8.4 to 12 percent higher than local MLS for comparable homes) in eight days or less.



With our innovative approach, you won’t have to wait weeks or months for your old home to sell, while losing money and peace of mind.

We’ll make your transition swift and financially advantageous, so you can enjoy your new dream home without delay.

Visit our website today and tell us about your home.