Buying a New Home While Selling Your Current Home

Buying your first home was complicated. Buying your second home while selling your first will be a little more complicated.

Before you go making offers you should have a solid transtition plan from your current home to the new place.

  • Do you have funds available for a down payment on the new place?

  • Will you need temporary housing between homes?

  • Do you have a realistic number in mind for selling the current place?

  • Are there tax implications you need to consider?

  • Can you buy the new home without Selling your current home?

As a real estate agent I have seen my clients make the move several different ways. In 2012 a client had me sell their condo and find them a rental. They wanted to have cash available while they took their time and found a new home.

Most clients however would prefer one move from the current home to the new home. When you make an offer you may want to structure in a sale contingency to protect yourself in the event the sale of your current home falls apart.

But be warned most Sellers in the current market will not consider offers that contain a sale contingency.

In 2017 I helped a client make the move from their first place in South Boston out to the 'burbs. They made several attempts to buy the new home first but could not find a Seller willing to accept a sale contingency. Eventually they decided they needed to Sell first, then buy. We were able to find a very strong buyer that cooperated on dates and structure to facilitate my clients purchase of their new home.

You absolutely do not want to put down a hefty deposit on the new place only to have the deal on your old place collapse. You might put yourself in the position of losing your deposit!

In short moving from place A to place B will likely be a balancing act requiring a little cooperation from the people you are buying from and the people you are selling to.

Contact Stephen

126 Newbury Street, 5th Floor
Boston, MA 02116