What To Do If Your Home Sells Before You Find a New One

Chances are, if you’re selling your home then you’re also in the market for a new one. If circumstances were perfect, then you’d be able to coordinate the two at the same time. Of course, we don’t live in a perfect world and you may end up selling your current home before closing on your next one. So what do you do then? Fortunately, there are options. Here are suggestions about what you can do if your home sells before you find a new one.

Arrange a leaseback agreement with the buyer

Probably the most desired solution when you sell your home before you buy your new one is to enter into a leaseback agreement with your buyer. Simply put, after the sale closes you would remain in the house and essentially pay rent to the buyer to cover their mortgage payment. Of course, this means your buyer needs to have some flexibility. And it can seriously benefit your buyer if they purchase your home before selling their current one. It keeps them from having to pay two mortgages.

Find a short-term rental

If your buyer is not able to extend a leaseback agreement to you, you’re not out of luck. Another common solution is to look for a short-term rental. Fortunately, the real estate market offers many short-term rentals now with the popularity of platforms like Agent Vacation Rentals. You don’t have to lock into a year-long lease on a new place and can instead rent for exactly the amount of time that you need. Short-term vacation rentals are typically furnished, too, so you can leave most of your belongings in storage until it’s time to move into your new home.

Live with family or friends

If you don’t anticipate needing a temporary place to live for very long, then think about a short stay with family or friends. Of course, this may be easier if you’re single or don’t have young kids. And a big plus is that you most likely won’t have to pay rent during your stay. One potential downside to this arrangement is that you don’t want to overstay your welcome and strain your relationship. Be honest about how long you’ll need a place a stay, and do your best to keep it on the short side.

Consider housesitting

Finally, housesitting is another great option if you need a place to stay for a few weeks or months while you’re waiting to close on a new home. If you happen to know someone who will be out of town while you’re looking, then consider approaching them with the idea of housesitting for them while they’re away. It could be an ideal situation for both parties. If you don’t personally know anyone who needs a housesitter, then there are also websites you can join to find a housesitting situation.

Contact Agent inc. today!

Are you ready to dive into the real estate market? Then contact the experts at Agent inc. at 949-791-8160 or [email protected] to get started. It’s time to open your world to new possibilities!