How To Sell a House and Buy a House at the Same Time in Tampa Bay
When you’re looking to sell your home in Tampa, you will probably be in the market to find a new home also. Perhaps you’re looking to buy a bigger home and get some more storage space, or maybe you’re hoping to upgrade to a view of Clearwater beach. Or maybe you are simply looking to buy a new home in a different area of Tampa Bay altogether. No matter your reasoning or requirements, understanding how to buy and sell a house at the same time can feel complicated and stressful. But don’t worry, Mark Spain Real Estate is here to provide a couple of simple recommendations and solutions to streamline the selling and buying process, so you can most efficiently sell your Tampa home and move into your dream Tampa home.
There are a few different ways to go about buying and selling a home at the same time. One option is to sell your home first, and a second option is to buy a home first. Both have their pros and cons, and below, the experts at Mark Spain Real Estate break down your choices.
Option #1: Sell Your Tampa Home First
If you’ve elected to sell your home in Tampa before buying a new one, there are a couple of things that can help this process move smoothly.
First, it’s important to consider the possibility that you may need a temporary home, or a rental home, while the transaction is being completed. Start looking around for some rental options early on, so you don’t suddenly find yourself without somewhere to move.
An important second consideration is to sell your home with a rent-back agreement. This is particularly useful in the Tampa real estate market, as it’s currently a seller’s market, and buyers must be increasingly flexible in order to land the home they want. A rent-back agreement simply allows for you to close on the sale of your home, but rent your home from the new owners until you’ve found a new space. This can buy you more time to find and close on your new Tampa dream home.
Lastly, another tactic to mull over is the option to make an offer on your desired home with a settlement contingency. A settlement contingency allows you to say that you will buy the home under the condition that you are able to sell your home. This is also a great opportunity in a seller’s market like Tampa Bay, as you will most likely receive several offers on your home fairly quickly.
Option #2: Buy a Tampa Home First
If you decide to buy a home in Tampa first, there are a few things you can do to ease the transition.
One opportunity is to request an extended closing period on your new home. This will allow you to take longer than the standard 30-45 days to close, giving you more time to sell your current Tampa home. This often works best in a buyer’s market, as you’ll need to be fairly confident that the home you want won’t get several more competitive offers.
Another alternative solution to buy a home in Tampa before selling yours is to place the downpayment on the new home in cash from your savings. Of course, to do this, you must be in a favorable financial position so this becomes plausible. But buying a home with money from your savings affords you the ability to not worry about the details and timeline of selling your Tampa home, and instead allows you to move the process forward.
Lastly, it’s important to consider buying your new home with a home equity line of credit, or a HELOC. Buying a home in Tampa with a HELOC allows you to borrow against the equity of your current home, and then pay it back once your home sells.
Option #3: Skip the Hassle with Mark Spain Real Estate’s Guaranteed Offer Program
As a third and much simpler option, Mark Spain Real Estate’s Guaranteed Offer program provides the opportunity for a cash offer on your home, so you can sell in as little as 21 days or extend your closing until you find your new home, worry-free. So how does it work? If your home qualifies for the program, our team of experts will offer you a competitive cash offer, contingent upon a routine inspection. You won’t need to list your home, set up showings or open houses, or partake in any of those stressful endeavors. This way, you decide when you move and you’ll have the option to close on your home when you choose. By streamlining the process so efficiently, we can simultaneously get started on finding you the perfect new home in your desired Tampa neighborhood.
By working with one of the nation’s best real estate agencies, you can sidestep the overwhelming hassle that typically comes with selling your home and buying a new one at the same time. Mark Spain Real Estate has served the U.S. real estate market for years, focusing primarily on the Southeast, and we’ve sold more homes than any other real estate agency in the country. Our industry experts offer extensive experience and knowledge to help clients sell a home fast and for the highest price, so that buying a new home in Tampa is even easier.
Looking to sell your home in Tampa today? Contact Mark Spain Real Estate.