A bridge loan, a carefully prepared listing and a buy-first strategy built around a smoother move.
Five years after I helped a couple purchase their first home, they contacted me again. They had spent years improving the property, but their needs had changed and they were ready to find what they hoped would become their long-term home.
Their original plan was to sell first and buy afterward. Then the right home became available before their current property was ready to list.
When the right home comes first
We explored several possibilities, including new construction and existing homes. When they found the right property, they had an important decision to make: submit an offer contingent on selling their current home or explore financing that would allow them to buy first.
Their initial offer included a home-sale contingency, but the seller was hesitant to accept it. I worked with the buyers and their lender as they evaluated bridge financing, which would allow them to purchase the home without making the offer dependent on their sale.
After reviewing the financial considerations, they decided to move forward with the bridge loan. We adjusted the offer, removed the home-sale contingency and secured the property.
This gave them time to complete their purchase and move before listing their first home.
Addressing an inspection concern
The inspection identified an issue that needed further evaluation.
I arranged for a specialist to assess it and provide a repair estimate. With that information, I negotiated an inspection amendment that reduced the buyers' expected repair cost while allowing the purchase to move forward.
Once the inspection concern was resolved, my team and I managed the remaining deadlines and closing details.
Then we turned our attention to selling their first home.
Preparing a home they had spent years improving
The sellers had invested years of work into the property. My job was to make sure buyers could see the care behind those improvements.
Because the sellers had already moved, we could prepare and present the home without requiring them to live through showings.
I coordinated the staging, cleaning, preparation and professional marketing. The goal was to showcase the work they had completed and present the home at its best.
Once the staging and professional media were complete, we brought the property to market.
An above-asking offer within hours
Within hours of the home going live, the sellers received an offer above the asking price.
We allowed the remaining scheduled showings to take place before deciding how to respond, then moved forward with the offer.
The buyers completed their inspection without requesting repairs. The appraisal and financing contingencies were also satisfied, and the sale proceeded to closing.
By purchasing first, the couple avoided having to coordinate their purchase, sale and move at the same time. Bridge financing, careful preparation and a coordinated timeline allowed them to settle into their next home before selling the first one.
In their own words
“My husband and I cannot recommend Cait enough. We struck gold as first-time home buyers when we chose Cait to help us. Five years later, when it came time to sell that home and move to our (hopefully) forever home, going with Cait again was a no-brainer.
And let me tell you, as a selling agent, Cait truly shines. She goes above and beyond with marketing, staging, helping to clean and prep the home so it's ready for sale. We put YEARS of work into our first home that we recently sold, and Cait showcased all our effort so beautifully. Within hours of our home going live, we had an offer over asking price!
If you're looking for a Realtor who is willing to answer all your dumb questions, guide you through the process with grace, experience and ease, as well as go out of their way to ensure your home is represented in its best state, then Cait is your gal. 10/10 could not recommend more.”
Should you buy before you sell?
Buying first can make a move easier, but it is not the right strategy for everyone. The decision depends on your financing, the expected market for your current home and how much risk you are comfortable carrying.
Before choosing a path, it helps to understand:
- Whether you qualify for bridge financing
- How long your current home may take to sell
- What preparation it needs before listing
- Whether a seller is likely to accept a home-sale contingency
- How temporarily carrying two homes would affect your finances
- How the purchase, move and sale timelines would overlap
For these clients, buying first gave them time to move and allowed us to prepare their former home properly before it reached the market.
Planning to buy and sell in the Madison area?
There is more than one way to coordinate a double move. I can help you compare selling first, buying first and using a home-sale contingency so you can choose a strategy that fits your finances and timeline.
Learn How to Buy and Sell at the Same Time
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