With the current market favoring sellers, you’re in a great position if you’re looking to get your home sold. But the excitement of selling in a sellers’ market often overshadows the fact that you’re not just a seller; you’re a buyer, too. And if your home sells before you’ve secured a new one, you could find yourself in a compromising situation. You always have options, though, and we’re here to remind you what they are. Here’s what you can do if your home sells faster than expected.
Captain Obvious Says “Buy Your Next Home Before You Sell”
The Captain may have a point, but that doesn’t mean it’s always feasible. Sure, you should try to secure your next home before selling your current one, but any number of factors can limit your ability to do so; especially in a sellers’ market, when listings are often snatched up within days of hitting the market.
If you don’t have a home lined up before finalizing the sale of your house, at least try to get pre-approved for a mortgage. You’ll remove some of the waiting period that comes with financial pre-approvals and at least be one step ahead in your home search.
Negotiate a Post-Possession Agreement
With some savvy negotiating and good bit of trust, you can negotiate a post-possession agreement to essentially rent your existing home a little longer after closing on the sale. If that sounds extremely convenient, well, it is. But it’s also very risky for the buyer, so expect negotiations to be tough. This is where a skilled and experienced agent will come in very handy for you.
Check Offseason Vacation Homes
Depending on when you close, you could find a great deal on a vacation rental during the offseason. Demand is naturally lower in the offseason. You’ll likely find one that’s furnished, and most offer stays of up to a month or more.
Bunk with Friends or Family
Maybe your best friend has an extra bedroom? If not, you can take solace in knowing that your dear old mother will always welcome a visit. In all seriousness, friends and family can possibly put you up for a few weeks if you need it.
Find Someone in the Opposite Position
This means someone who’s bought a new house and moved before their old home has sold. They may be willing to let you rent the home out for a brief period – it’ll help them avoid paying extra on two mortgages at once. Of course, it also means you’re subject to the owner’s desire to sell; should they decide it’s time to finally find buyers, it’ll be time for you to move out. This is unless they’ve decided to convert the home into a full-time rental, which you’ll want to determine before making your own decisions.
Extended-Stay Hotel Suites
Many hotels offer suites designed specifically for longer stays. These are sort of a middle-ground between a rental home and an apartment. You’ll have a degree of privacy and access to the amenities you need, but you’ll have even less ownership over the suite than you would in an apartment. But if it’s only for a temporary stay, you likely won’t be bothered by that.
Invest in a Storage Container for Your Stuff
If you’re moving into a furnished rental or staying with a friend for a few weeks, you need somewhere to put your stuff in the meanwhile. Consider looking into a portable storage container. Many companies will drop off the unit, let you pack it up, then bring the container to your new house when you’re ready. If you just need to store things for a night or two, check with your moving company; they may let you keep their moving truck overnight for an additional fee.