![]() ![]() ![]() In that case, you might suggest a rent-back agreement: when the buyer allows the seller to continue living in the new house for a fee. For example, you might have an accepted offer on your current home but can't close on your new home for another month or two. Of course, the timeline doesn't always allow for a concurrent closing. If you think you might want to arrange a concurrent closing, let your real estate agent know as soon as possible so they can keep that in mind during negotiations with the buyer's agent. Both closings can even occur on the same day, allowing the seller to use the proceeds from the sale of their first home to pay for the down payment and closing costs of their new home.Ĭoncurrent closings can be very attractive for sellers, but require careful coordination with the buyer's agent, mortgage lender, title company, and escrow company to pull off. "Concurrent closing is when someone is selling their home while closing on a new one in a short amount of time, with the first closing on the original home needing to successfully be completed before the next one can happen," Wallace explains. "This is why it’s important to explain your needs to your agent, so you are one team working toward one goal."Īssuming you're able to secure an offer on your current home and get an offer accepted on a new home in the same time frame, you might want to consider a concurrent closing. "While home buyers and their real estate agents have the power to negotiate the price tag, they can negotiate a closing date as well," Wallace explains. If you need the funds from the sale of your current home to buy your next home, you'll have to plan the timing carefully. "That’s why someone looking to both sell and buy a home around the same time try to search for their new home before listing their current home." Of course, this might only be possible if you have enough cash on hand to cover the down payment, closing costs, and other expenses for the new home. The reverse is true in a "seller's market." "In a seller’s market, most available homes get snatched up by buyers quickly," Wallace says. "Then, when the seller gets a promising offer on their existing home, they can move onto the buying process since the more difficult process of selling in this market is complete," she explains. When the supply of homes for sale exceeds demand from prospective buyers, the market enters what's known as a “buyer's market.” Because there are so many choices available, sellers often need to spend more time marketing their home to get an offer in a buyer's market, so Wallace typically recommends focusing on the sale of your current home before starting the search for your next one. In addition to researching similar properties to assess your current home's list price, your real estate agent can also help you gauge the current balance of the housing market - meaning, whether buyers or sellers have a kind of upper hand in the market. "Rocket Homes and Rocket Mortgage® can be that team for home buyers and sellers, helping them along the way so they have the support they need throughout the entire process." ![]() "A typical homebuyer does not know the ins and outs of both the complex mortgage and real estate industries - that’s why the experts are here for them to help navigate the process confidently and successfully," she says. ![]()
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