How to buy and sell your home at the same time in the East Bay: Option 5
10 Ideas for how to buy and sell at the same time in the East Bay Area Option 5
Get a HELOC - Home Equity Line of Credit
Here's another idea for you. If you're looking to buy and sell your home simultaneously, depending upon the market and supply inventory, you may want to ask a motivated seller to help out and pitch in barring some of the risk by asking for a home sale contingency. A home sale contingency, (when homes aren't selling like hotcakes) , sometimes sellers are a little bit more motivated to make a deal with the buyer in order to sell their home.
This is especially helpful when it comes to move up homes, for these larger homes, most buyers would need to sell their home in order to purchase a new larger home. Most families need the equity in their current home to purchase this larger home, and this is what we call a home sale or home close contingency. A home sale contingency is when the seller agrees to allow buyer a contingency to find their own buyer for their home and to receive an acceptable offer to purchase that home.
Once buyer has sold their home now, a home close contingency is something completely different. This is when the seller is willing to bear the risk that your home sale will actually get to the closing table and close. Home close contingency is when you complete the sale of your home. There's two types of contingency sellers, and some markets may be willing to extend these to a buyer in order to get their home sold. These contingencies would allow a buyer to transfer risk onto the seller. This doesn't work in all markets, and it certainly isn't something that works all the time, but it is worthy of considering. If you're looking to find out if a home sale contingency could work for you, visit us at ExploreEastBayHomes.com and connect with us.