We get A LOT of questions from both buyers and sellers in Santa Clarita. This week we’re tackling the question, “Can I buy a home, and sell my current home at the same time?”
The short answer – Yes! It is absolutely possible. Let’s take a closer look at some of the possible outcomes. On one side of the coin, if you buy a replacement home before you sell the one you’re in, you could become overextended financially. Paying two mortgages, HOAs, Taxes etc would be difficult for most people. In this scenario, if you choose to keep the existing property as an investment property you could potentially generate income. At which point you wouldn’t worry about two sets of bills. Now, if you sell before you buy, you may need to rent awhile before you find a new place. There are ways to do both at once, for example having a “sale contingency” in place. This means you only agree to buy a home if you can sell the one you’re in. The only downside is if your seller doesn’t agree, which can happen, or if a “sale contingency” exceeds an agreed to amount of time, typically 30 days.
If you are considering Buying, or Selling, contact us here, or give us a call at 661-373-2374.
