Do you own a home but plan on selling it and buying again at your new duty station? Did you buy a home but your family has outgrown it, and you’re looking for something bigger? Maybe you want to live a little further out of the city with more space? You might want to relocate closer to your local city’s center.

Buying and Selling

In many situations buyers find themselves simultaneously buying and selling a home. While it might seem unconventional, it is something that happens all of the time in real estate. The first step will be to link up with a real estate agent on the selling and purchasing side. We can help with that! Ideally you would list your home and get it under contract several different ways. You could list your home to sell as soon as you start looking. If it sells quickly you can then rent it back for 60 days. Your other option would be to set a closing date that lines up with your new home’s move-in date.

If your home on the market does not sell immediately, you can still put an offer on another property. You will need to add a contingency that you sell your first property. OR if you can afford it, you can buy a second home with no contingency. You will need to talk with your lender about entitlements and money you will need in order to own both homes. This is also necessary if you choose not to sell your current home or want to use it as a rental.

VA Loan Entitlement

If you used a VA Loan to purchase the first home, and you’re using your VA Loan entitlement for the new home, there are some things to keep in mind.  If you sell your home before purchasing the new one, you should have a straightforward home buying experience. However, it does not always work out that way. Perhaps you’re interested in holding onto the current home you own. Depending on the market, your home may not sell as quickly. In these situations there are some limitations of the new VA Loan.  Here is an article that outlines the details of a VA Loan Entitlement.

“As long as you sell the home and pay off the loan in full, you can have your full entitlement restored and available for another purchase. Having your full entitlement means being able to borrow as much as a lender is willing to lend without the need for a down payment.”

Your agents can work together to move forward – and thankfully the market is balanced enough to allow for a hassle free transaction on both sides! It’s so important to have experienced and knowledgeable agents on your side. For a first time buyer and seller, you may not realize that this is even a possibility.

Looking for a military-friendly real estate agent in your area to buy or sell a home? Click here to fill out our Military Real Estate Questionnaire and we will help find you an agent that is a great fit or send a us a message.

Looking for a military-friendly real estate agent in your area to buy or sell a home? Click here to fill out our Military Real Estate Questionnaire and we will help find you an agent that is a great fit or send a us a message.

Buy a home before selling your other one The PCS Homegirls