Unlocking Possibilities: 3 Ways to Purchase Your New Home First

I have been married to my wonderful wife Letha for 27 years. We have 3 children: Max, Alexander and Charlotte. I have been a licensed Realtor in the New Orleans area for 17 years and am the Operator of The Tepper Group with Keller Williams Realty in Mandeville. Our team services the entire New Orleans and Baton Rouge metro areas. Our team of partners has over 40 years of experience. We helped 141 families buy, sell or lease in 2022.

Selling your current home before buying a new one is the conventional way to move. However, depending on your situation, there are times when buying before you sell is the better option. If you’re in a situation where you need to buy before selling, don’t worry—it’s not completely impossible, but it takes some strategic planning to make it happen. Here are three strategies that will help you buy before you sell:

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1. Make an offer with a home-sale contingency. By including a home-sale contingency in your offer, you can purchase the new house once your existing one sells successfully. If your current home doesn’t sell within a certain timeframe, you can cancel the purchase contract without any penalties. To smooth over any anxiety your seller might have, your agent can use strategies that ensure your home will sell quickly.

2. Finance with a bridge loan. A bridge loan is a short-term, high-interest loan. When you buy with a bridge loan, you can use your existing home as collateral to get a loan for your new house. To close your bridge loan faster, try to align the closing dates of your buying and selling transactions.

“No matter your situation, there’s an option to help you move.”

3. Use a service that will help you make a cash offer. Companies like Knock and Homeward are revolutionizing the way people buy and sell homes. These types of companies offer game-changing home loan products that let you make competitive cash offers on your dream home before the sale of your current one. Plus, they help you avoid paying two mortgages at once.

Buying a new home before selling your existing one presents unique challenges, but if you leverage the three options above and utilize the guidance of an experienced agent, you can come up with the best solutions for your situation. If you want more details about this topic or have any real estate concerns, don’t hesitate to call or email me. I’ll be happy to help.

GREGG TEPPER
(985) 789 8717
TGroup@kw.com

Keller Williams Realty
985-727-7000