After a number of years in the same home, some homeowners are retiring and downsizing, some have new additions to their families and are upsizing, some are relocating to meet changing work or lifestyle needs, and some others are simply ready for something new. Whatever the reason may be, when someone needs to sell and buy a home at the same time, it’s called a Lateral Move. We’ve been seeing a lot of these types of moves in recent years.
For most people, buying a home is something they will only do a few times in their life, and it’s a major task. Add to it the task of also selling a home at the same time, and the whole process can become very daunting. It is difficult to make a change without knowing how it can be done. That’s why it’s important to have an experienced real estate team to guide you through the difficulties of a lateral move.
We have helped many clients successfully make their lateral move. Each family’s circumstances are unique. Because no two situations are identical, we custom-tailor each and every lateral move solution.
Buying First:
The ideal situation for most is to find the new home first. That is the main driving force for the move after all. There are many advantages to going this route. However, this requires the ability to qualify and carry two mortgages at the same time.
Selling First:
For many, the selling of the current home must happen first to obtain the proceeds for the purchase of the next home. Here are just a few ways we have accomplished this in the past:
- Achieving contracts on both the buying and selling and coordinating same-day closing. This is one of the most complex maneuvers in residential transactions and requires an experienced agent to accomplish.
- The use of temporary housing and storage options to bridge the short duration between the two closings.
- Negotiate a lease-back from the new owners after selling.
There are many different ways that a lateral move can be accomplished. Give us a call for a personalized consultation. We will discuss the best strategies for you!
