4 Ways to Buy Before You Sell in Dallas-Fort Worth

By Justin Croft

Justin Croft has a passion for buying and selling residential real estate that is contagious. He is a skilled negotiator and problem solver who thrives on going above and beyond for his clients.

One of the trickiest situations in real estate is finding the right home before your current one is sold. You want to move forward, but the timing feels off, and the thought of juggling two transactions at once is enough to make most people hesitate. It’s a common problem, though, and there are real ways to handle it without putting yourself in a difficult financial position. Here are four options worth knowing about.

1. Sale contingency. This is where you write your offer on the new home, contingent on your current home selling first. It means you’re not on the hook for two mortgages at once, which gives you a safety net. Sellers generally prefer clean offers with fewer conditions, so if you’re up against other buyers, this approach can put you at a disadvantage. It protects you financially, but in a competitive market, it’s not always the strongest offer.

2. Bridge loan. If you want to make a stronger, non-contingent offer, a bridge loan can unlock the equity in your current home before it sells. It bridges the gap between buying and selling so you can move forward without waiting for your current home to close. This is a good option for homeowners with solid equity who want to compete with buyers who don’t have a home to sell.

3. Home equity line of credit (HELOC). A HELOC lets you borrow against the equity in your current home to fund the down payment on the next one. It’s another way to tap into what you’ve already built without having to sell your home first. The flexibility of a HELOC makes it a practical tool for homeowners who want to move on their own timeline.

4. Temporary lease-back. This one is one of my favorites. You sell your current home, get the equity out, and then stay in the home temporarily as a tenant while you go find and close on your next one. It gives you the best of both worlds. You have access to your equity, you’re buying as a strong non-contingent buyer, and you’re not scrambling to find a place to live in between. For homeowners in Dallas-Fort Worth who want to be in the strongest possible position when they buy, this is one of the cleanest ways to make it happen.

Buying before selling is absolutely doable. The key is having the right strategy for your specific situation, because what works for one homeowner might not be the best fit for another. If you’re thinking about making a move and want to map out the best approach, reach out at 214-213-7200 or justin@croftrealestategroup.com, or visit blog.croftrealestategroup.com. I look forward to hearing from you.