How To Buy a Home in Albuquerque Before Selling Yours

Three options for those who need to buy a home before selling.

Selling your current home before buying a new one is the conventional way to move. However, depending on your situation, there will be times when buying before you sell is the better option. If this is the route you’re taking, what can you do to successfully make this move?

Before we discuss this topic in length, there’s a link that we would like to share. If you're looking for a house for sale on the market, or if you're thinking about selling and want to get an estimate of what your home might be worth today, click this link to get a 100% free, no obligation home value report.

There are three strategies that will help you sell before buying. Here’s what you can do:

1. Work in tandem. Our traditional way of helping clients buy before selling is by working in tandem. We search for houses while also getting your house prepped for sale. Then we schedule it and get the closings to line up within a couple of days of each other. This usually involves a lease-back agreement, either between you and the buyers of your property, or the sellers of the property you're purchasing. It's a simple solution we work through all the time!

2. Qualify for two mortgages. Some people are blessed with enough income that they can get two mortgages at the same time. They'll keep the two mortgages simultaneously, and sell their house as soon as they've moved out. This usually takes anywhere from three weeks to two months. If you choose this method, there are actually fewer payments you have to make than what you may have initially thought. Your first mortgage payment on the new house isn’t due until the month after you close. If you want to know whether you can afford two mortgages, we can check with our lenders to verify all our options.

"We search for houses while also getting your house prepped for sale."

3. Buy before you sell. There are many buy-before-you-sell programs that borrow bridge money from a company whose job is to help people move easily. They essentially let you use their funds to make cash offers and purchase your new home. Once you’ve finalized the loan on that new house, you have six months to sell the other house. This strategy is worth it for the peace of mind and the ease of being able to move on your timeline.

As a sub-point, if there’s a specific time you have in mind for moving out, we have a program called Pick Your Move Out Date that can help you with this. Don’t hesitate to call or email us if you want to hear more about this program or anything real estate related. We’d love to help!