Whoever Said You Can’t Buy and Sell Simultaneously Is Lying

By Scott Ostrode

Scott has been a licensed Realtor since 1998. In 2003 he joined Keller Williams Realty and in 2007 he formed Team Ostrode Properties. Scott grew up in Sacramento and has raised his family in the area as well.

Selling and buying separately are already complicated on its own—doing both at the same time is even more difficult. So, if you’re planning to buy and sell your home simultaneously, work with your agent to know what your options are well in advance, and how to prepare for it. Here’s what you need to know:

• Get pre-approved. The first step in your journey should be getting pre-approved for a mortgage. During your conversation with a loan officer, you’ll want to find out if you can qualify for a new home purchase without selling your current home first. If you can, you’ll strengthen your position as a buyer, making you more attractive to sellers. However, not everyone qualifies to carry two mortgages, which is why early discussions with your loan officer are critical.

• Bridge loans. If you don’t qualify for two mortgages, a bridge loan could be an excellent alternative. A bridge loan allows you to purchase your new home first and then sell your existing home. While there are some costs associated with a bridge loan, it can help you achieve your goal of moving into your new home with minimal inconvenience.

• Rent-Back agreement. For those who don’t qualify for a bridge loan, another strategy is to sell your home and negotiate a rent-back agreement. This arrangement allows you to remain in your current home while you shop for your new one. Rent-back periods can vary, typically ranging from a week to a month or even longer. This is where having a trusted real estate agent becomes essential—they’ll negotiate the best terms for your situation.

• ‘Buy before you sell’ loan. You’ll be glad to know that we offer a “buy before you sell” loan. This product is similar to a bridge loan but comes with fewer fees, less inconvenience, and a more seamless experience. The best thing is it allows you to purchase a new home before selling your current one with much less hassle and stress.

Buying and selling a home is a daunting task that not all real estate agents have the experience to handle. Plus, timing is everything when buying and selling a home simultaneously. Market conditions also significantly impact your success, so having guidance from an experienced real estate agent like myself will give you a significant advantage.

If you’re still on the fence about buying and selling your home simultaneously, don’t worry. We’re here to help. Don’t hesitate to reach out by calling (916) 799-1662 or email scott@teamostrode.com. Let’s make your dream home a reality!