Should you sell first or buy first in Lakeville? If you need to sell your Lakeville home and buy your next one, you have three main options: sell first, buy first with a home sale contingency, or buy first using bridge financing. The right choice depends on your equity, your timeline, and how much risk you’re comfortable carrying.
I’m Liz Sandwick, a REALTOR® with Coldwell Banker Realty in Lakeville. This is the question I hear most from move-up and downsizing sellers, so here’s how I walk my clients through it.
Watch: Sell First or Buy First? 3 Options for Move-Up Buyers in Lakeville, MN
Option 1: Sell first, then buy
You list and sell your current home before you buy the next one.
Why people choose it:
- You know exactly how much money you have to work with.
- You never carry two mortgages.
- Your offer on the next home is stronger because it doesn’t depend on a sale.
The tradeoff: You may need somewhere to live in between. Two common solutions are a rent-back, where you stay in your home for a set time after closing, or short-term housing.
Option 2: Buy first with a home sale contingency
You make an offer on your next home that depends on your current home selling.
Why people choose it:
- You can lock in the home you want before you list.
- If your home doesn’t sell, you can usually walk away from the purchase.
The tradeoff: In a multiple-offer situation, sellers often favor offers without a contingency. You may need to offer a stronger price or terms to compete.
Option 3: Buy first with bridge financing
You use a bridge loan or a home equity line of credit (HELOC) to buy before your current home sells.
Why people choose it:
- You move once, on your schedule.
- Your offer looks like a non-contingent offer to the seller.
- You can prepare and stage your current home after you move out.
The tradeoff: You may carry two housing payments for a while, and you need enough equity and income to qualify. A lender can tell you what’s possible before you start shopping.
Which option fits you?
| If this sounds like you | Consider |
|---|---|
| You need every dollar of equity for the next down payment | Sell first |
| You found the right home and your house will sell quickly | Buy first with a contingency |
| You want to move once and have strong equity | Buy first with bridge financing |
How I help Lakeville move-up sellers
The best plan starts before your home hits the market. I’ll help you estimate what your home will sell for, connect you with a lender to see what you qualify for, and line up the timing so both closings work together. When it fits, I can coordinate both closings on the same day so you only move once.
Frequently asked questions
Can I sell and buy on the same day?
Yes, it’s common. Your sale closes first, and those funds go toward your purchase the same day. It takes careful coordination between both transactions, your lender, and the title company.
What is a rent-back?
A rent-back lets you stay in your home for a set period after closing, usually for an agreed daily or monthly fee. It gives you time to move into your next home without a gap.
Is a contingent offer a bad idea?
Not always. It can work well when the seller has few other offers or your home is likely to sell fast. In a competitive situation, it can make your offer weaker.
How do I know if I qualify for a bridge loan or HELOC?
Talk with a lender before you shop. They will look at your equity, income, and debts to see what you qualify for. I’m happy to connect you with lenders I trust.
Thinking about moving up in Lakeville?
Start with what your home is worth today, then we’ll map out the plan that fits your move. No pressure, just a clear plan.
Request My Free Home ValueCall or Text 952-491-3685
Liz Sandwick, REALTOR® | Coldwell Banker Realty
17305 Cedar Ave, Lakeville, MN 55044 | Liz@CBRealty.com
Keep reading
- Sell Your Home in Lakeville
- How Long Does It Take to Sell a Home in Lakeville, MN?
- What Is My Lakeville Home Worth in 2026?
- Is Now the Right Time to Sell Your Lakeville Home?
This article is general information, not financial or legal advice. Loan programs and qualification vary by lender. Talk with a licensed lender about your situation.
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