Buying + Selling Simultaneously 

Let’s face it: selling your home and buying a new one at the same time can be extremely overwhelming. Our team has extensive experience navigating this timeline with our clients and strives to minimize your stress while tackling two major transactions simultaneously.

One strategy to utilize when selling your home is a leaseback, where a seller may stay in the property up to 59 days post-closing and rent it from the new owners. Why 59 days? With bank loans, this is the maximum time allowed for buyers to move into their primary residences.

Leasebacks are negotiated upon offer acceptance, and allow you to receive your sale proceeds in time to fund your purchase. They also help eliminate tight moving timelines and the need for temporary housing. Selling and then being able to stay put for 59 days could give you the edge to buy without any contingencies and increase your buying power.

Typically there will be a small holdback from your sale proceeds at the closing, about $2,500-$5,000, which you’ll receive once you move out. Sellers also pay the buyer a rental fee upfront to cover the leaseback period. It’s usually more than your current mortgage payment, as the buyer likely has a higher interest rate upon which the rent is based, in addition to it being a convenience to you. Occasionally we’re able to negotiate free leasebacks for our clients, with buyers waiving costs to strengthen their offers.