Feeling torn about whether to buy your next home before you sell your current one in Brier? You’re not alone. Timing a move in Snohomish County takes smart planning, clear numbers, and the right contract strategy. In this guide, you’ll learn practical ways to structure your move, the pros and cons of buy-first and sell-first paths, and the timelines and checklists that keep stress low. Let’s dive in.
Quick answer for Brier homeowners
Your best path depends on four things: your financing capacity, current Brier market conditions, your risk tolerance, and your timing needs. In faster, low-inventory periods, buying first can help you compete. In balanced or slower markets, selling first can reduce risk and cost. The right strategy also depends on whether you can qualify to carry two mortgages, access a bridge loan or HELOC, or negotiate a rent-back.
How the Brier market shapes your choice
Local supply and demand determine how realistic certain terms are. If inventory is tight and days on market are short, sellers often prefer non-contingent offers, which makes buy-first solutions more useful. If inventory is more balanced, a home-sale contingency may be considered.
Check current statistics for Brier and nearby areas like Mountlake Terrace, Bothell, and Lynnwood. Review months of supply, average days on market, and sale-to-list price trends in the latest NWMLS market reports and news releases. This data will tell you how competitive you need to be and how fast your current home may sell.
If you buy first: options and tradeoffs
Bridge loan
A bridge loan is a short-term loan secured by your current home to help fund the down payment for your new purchase. It can let you write cleaner offers without waiting to sell.
- Pros: More competitive offer, no need to move twice.
- Cons: Higher rates and fees than traditional mortgages, short repayment windows, stricter underwriting.
- Practical tip: Compare lender terms, including maximum advance amounts, fees, and prepayment rules. Consumer finance primers like Bankrate’s overview of bridge loans can help you frame questions.
HELOC or home equity loan
With enough equity, you can use a HELOC or second mortgage on your current home to fund your next down payment.
- Pros: Often lower cost than a bridge loan, widely available.
- Cons: You will carry two obligations until your home sells, and HELOC rates can be variable.
- Practical tip: Understand approval timelines and collateral details before you set closing dates. See the CFPB’s plain-language guide to HELOCs.
Carry two mortgages
If you can qualify for the new mortgage while keeping your current one, you can avoid bridge-loan costs.
- Pros: Simple structure and strong buying position.
- Cons: Higher risk if your home takes longer to sell, increased monthly carrying costs.
- Practical tip: Stress-test your budget for a worst-case sale timeline of several months.
Simultaneous closings
You can coordinate the sale of your current home and the purchase of your new home to close on the same day. Proceeds from the sale fund your purchase.
- Pros: No interim financing needed.
- Cons: Logistics are complex, and a delay in one deal can threaten the other.
- Practical tip: Start coordination early with your lender, escrow, and both agents.
Contingent offer to buy
You can make your purchase contingent on the sale of your current home by a specific date.
- Pros: Limits financial exposure and may remove the need for a bridge loan.
- Cons: Less attractive to sellers in competitive markets.
- Practical tip: Ask your agent how often sellers in Brier are accepting home-sale contingencies based on current NWMLS data.
If you sell first: options and tradeoffs
Sell with a post-closing rent-back
You close with the buyer, then rent the home back for a set period. This gives you time to secure your next place while your sale proceeds are available.
- Pros: Reduces risk of carrying two homes, keeps your sale clean.
- Cons: Buyers may limit the rent-back period or request higher price or deposits.
- Practical tip: Use a written occupancy agreement that defines rent, insurance, repairs, access, deposits, and move-out date. Standard Washington forms support this structure through NWMLS and Washington REALTORS.
Move into temporary housing
You sell, close, and move into a short-term rental or stay with family while you shop for your next home.
- Pros: Strongest offer power as a buyer with cash in hand and no home-sale contingency.
- Cons: Added moving and storage costs, plus the inconvenience of moving twice.
- Practical tip: Budget for rental, storage, utilities, and a realistic shopping timeline.
Key contract terms in Washington
Standard Washington purchase agreements include contingencies such as financing, inspection, appraisal, title, HOA review, and sometimes home-sale. Deadlines are negotiable but often fall within 7 to 30 days for contingency removal, and about 30 to 45 days for closing on financed transactions. If you use a home-sale contingency, expect sellers to ask for clear deadlines and proof your home is actively on the market.
Your earnest money and contingency language matter. Use explicit dates, define remedies if deadlines are missed, and write detailed terms for any rent-back, including insurance and utility responsibilities. For forms and standard practices, look to Washington REALTORS.
Taxes and costs to budget
- Washington Real Estate Excise Tax: Sellers pay REET at closing, which reduces net proceeds. Check current rates and thresholds on the Washington Department of Revenue’s REET page.
- Capital gains exclusion: If you meet ownership and use tests, you may exclude up to 250,000 dollars of gain if single or 500,000 dollars if married filing jointly. See IRS Publication 523 for eligibility.
- Moving and interim costs: Storage, short-term rentals, staging, and utility overlaps can add up. Include these in your buy-first vs sell-first comparison.
- Recording and closing logistics: Plan timelines with your escrow and county recording office. For local process details, visit Snohomish County Recording.
Sample timelines you can adapt
Below are example timelines. Actual dates depend on lender processing, buyer-seller negotiations, and market conditions.
Sell first - conservative, lower risk
- Days -30 to 0: Prep, pricing, photos, and listing launch.
- Days 7 to 30: Showings, offers, negotiation.
- Days 14 to 45: Buyer inspections and appraisal, contingency removal.
- Days 30 to 60 after acceptance: Closing, you move to temporary housing or a rent-back ends.
- Next 0 to 30 days: Shop and write offers without a home-sale contingency.
Buy first with a bridge or HELOC - moderate risk, higher cost
- Day -30: Get pre-approval, explore bridge or HELOC terms, align closing windows.
- Days 0 to 30: Shop and write a non-contingent purchase offer.
- Days 15 to 45: Close on the new home using bridge or HELOC funds.
- Days 0 to 180 after purchase: List and sell your current home, then repay the bridge or HELOC with sale proceeds.
Sell first with a post-closing rent-back - balanced path
- Days 0 to 14: List and accept an offer that includes rent-back terms.
- Days 30 to 45: Close; remain in the home under the occupancy agreement.
- Days 14 to 60 after closing: Purchase and move into the new home, then end rent-back.
Two quick checklists
Financial readiness to buy first
- Pre-approval in hand for the new loan, not just prequalification.
- Written estimates for bridge loan or HELOC rates, fees, and timelines. See Bankrate’s primer on bridge loans and the CFPB’s HELOC guide.
- Budget that covers two mortgages, taxes, insurance, utilities, and maintenance for several months.
- REET and closing cost estimates for your sale to project net proceeds via the WA DOR REET page.
Contract and closing checklist for selling first
- Pricing strategy and timeline aligned with current NWMLS market data.
- Clear contingency deadlines in your purchase agreement, stated as specific dates.
- Rent-back agreement terms if needed, including rent, deposit, insurance, access, and move-out date.
- Escrow and lender coordination for simultaneous or staged closings, rate lock windows, and recording schedules. See Snohomish County Recording for process context.
Risk management that works in Brier
- Put dates, not vague language, in all contingencies.
- Define earnest money treatment if deadlines are missed.
- Keep inspection and appraisal protections unless you have strong reasons to limit them.
- If you use a rent-back, spell out insurance, maintenance, damage, and access responsibilities in writing.
- In all cases, compare multiple lender quotes and timelines. The CFPB’s mortgage shopping resources can help you structure apples-to-apples comparisons.
Next steps for Brier homeowners
- Get current Brier and Snohomish County statistics from NWMLS reports and news releases.
- Talk with a lender about your buy-first capacity, including bridge and HELOC scenarios.
- Map your preferred timeline, then build a backup plan that includes temporary housing or a rent-back.
If you want a local, data-first plan that fits your timeline and risk comfort, reach out to Wanis Nadir. You’ll get clear strategy, careful negotiation, and a service style that keeps you informed at every step.
FAQs
Will sellers in Brier accept a home-sale contingency?
- It depends on current supply and demand. Review recent Brier and Snohomish County stats in NWMLS market reports to gauge acceptance and competitiveness.
How long does closing usually take in Washington?
- Many financed transactions close in about 30 to 45 days, while cash can be faster. Always align dates with your lender, escrow, and county recording schedules.
What are the costs of a bridge loan vs carrying two mortgages?
- Bridge loans often have higher rates and fees than traditional mortgages, while carrying two mortgages means paying both until your sale closes. Compare written lender estimates before choosing.
Are post-closing rent-backs safe to use?
- Yes when documented with a written occupancy agreement that covers rent, deposits, insurance, maintenance, and access, using standard Washington forms and guidance from Washington REALTORS.
How does Washington’s REET affect my net proceeds?
- Sellers pay Real Estate Excise Tax at closing. Check the latest rates and thresholds on the Washington DOR REET page to estimate your net.
Where can I learn about the federal capital gains exclusion?
- Review eligibility and rules for the principal residence exclusion in IRS Publication 523.
