Selling a Longtime Home and Buying Next in Pinal County, Without a Gap

Where they were

Walt and Carol owned what they believed would be their forever home. Financial hardship meant they had to leave it, and they wanted to do that on their own terms.

What was in the way

Their original plan was to sell and buy their next home entirely with cash, so they would not take on a monthly mortgage payment. To create that cash, they first wanted to list their home at an aggressive price.

That plan ran into a hard market. The home had a narrow pool of buyers, and it sat on the market for about six months. The replacement purchase also involved a complex loan with difficult underwriting conditions. The goal became protecting their equity and making sure they were not displaced between closings.

What we did

1. We introduced a different structure. I brought in a reverse mortgage for purchase as an alternative. It freed a meaningful amount of equity, which allowed us to price the existing home more competitively while still honoring their goal of not having a required monthly principal and interest payment.
2. We marketed the home actively. Open houses, events, tours, and price reductions, adjusted to the limited buyer pool.
3. We worked through the conditions on the replacement purchase. I spoke directly with the bank's head underwriter, who reviewed and removed conditions that otherwise threatened the transaction.
4. We built in a safety net. I negotiated a short post-possession agreement so the clients could remain in their original home for several days if the two closings did not line up.

How it turned out

Competitive pricing attracted a buyer after about six months on the market, and the sale and the replacement purchase closed on the same day. The clients moved without a gap in housing, and they kept more equity than their original all-cash plan would have left them. The sale and the next purchase were in the San Tan Valley and Florence area of Arizona.

A reverse mortgage is not right for everyone. The borrower stays responsible for property taxes, homeowners insurance, maintenance, and living in the home, and the loan becomes due when certain events occur. A lender can explain the details for your situation.

If this sounds like you

If you are selling one home and buying another, timing and structure matter as much as price. Every situation is different, and what worked here may not work for you. Our move-up buyer page covers the basics. When you are ready to look at your own options, book a call.