How to Buy a Home When you Also Have a House to Sell
Summary: You have 3 options
1. Find and buy a home first then sell
This is the least utilized option because many people are unable to qualify and buy a home before selling their house. However, if you can, this is the best option. This is because you have a better chance of winning the home you want.
2. Put your house on the market, close, then become the tenant
Preparing your home, pricing the home, and positioning your home will bring in the most possible buyers which gives you the chance to work with a buyer who can lease the property back to you up to 2 months. This makes you a stronger buyer because your offer will not be contingent upon the sale of your home.
3. Write a contingent offer upon your house selling
This is the most desired but least successful. This is because when you're competing against buyers and submitting offers on houses with motivated sellers, the sellers will choose another offer. This will make the process very frustrating for you when you keep losing on houses.