There are two potential options for buying after the sale of your home.
Many potential sellers are concerned that they won’t be able to buy a home before the closing of their sale. Now that our inventory has decreased by 20% on average since April 2022, it makes sense that sellers are anxious about finding a home before closing. Most escrows close in 30 days; if you’re actively searching for a home, that time frame can feel tight. The good news is that there are two things that can give you peace of mind:
1. This can be a point of negotiation. Your agent will need to know what your plans are, so that they can effectively negotiate on your behalf. This might include a rent-back agreement depending on the flexibility of the buyer in terms of the move-in date. Keep in mind, however, that most rent-back agreements only run about 30 to 60 days, and the rental amount will have to be decided.
“Most rent-back agreements only last about 30 to 60 days.”
2. Explore short-term rentals. Consider putting your things in storage and moving into an apartment. This can be ideal if you’re moving outside your current area, as it will give you time to decide what neighborhood suits you best.
You always have options, and your agent can walk you through what makes the most sense for you. If you’re thinking about buying or selling, please don’t hesitate to call or email us. Have a great day.