Trying to decide whether to sell your San Antonio home before you buy your next one? You are not alone. The right move depends on your equity, financing options, market competition, and how you want to handle the logistics of moving across Bexar County. In this guide, you will get a clear framework to compare both paths and the exact questions to ask your lender and agent so you can move with confidence. Let’s dive in.
Buy first vs. sell first
Choosing to buy first gives you control over timing and lets you make a stronger offer on the right home. It can also reduce stress if you want to move once and avoid temporary housing. You will need enough equity or income to qualify while still carrying your current mortgage.
Choosing to sell first gives you certainty about your sale price and your down payment. It lowers the risk of carrying two mortgages and can simplify underwriting for your new loan. The tradeoff is potential temporary housing or a rent-back to bridge the gap.
Equity and financing
Estimate net proceeds
Start by estimating your net equity. Take your likely sale price and subtract your current mortgage payoff, expected closing costs, commissions, and any credits or repairs. This number will guide your down payment strategy and whether you can buy before you sell.
Can you carry two mortgages?
Ask your lender to preapprove you for the purchase while keeping your current mortgage. Lenders look at debt-to-income and cash reserves, and carrying two mortgages increases both. Program rules vary, so confirm what reserves and timelines apply for your specific loan type.
Bridge loans
- What it is: A short-term loan secured by your current home to fund the new down payment.
- Pros: Fast access to equity and the ability to write a non-contingent offer.
- Cons: Higher interest and fees, short terms, and you need a clear exit plan to sell or refinance.
- Best when: You expect your home to sell quickly or your timing is tight.
HELOC or home equity loan
- What it is: A HELOC is revolving credit; a home equity loan is a fixed lump sum.
- Pros: Often lower cost than bridge loans and flexible for down payment funds.
- Cons: Requires appraisal and underwriting; HELOC rates can be variable; it increases secured debt.
- Tip: Coordinate with your purchase lender, since HELOC draws can affect qualifying.
Cash-out refinance
- What it is: Replaces your current mortgage with a larger one and gives you cash from your equity.
- Pros: Access a larger sum and potentially lock a stable payment structure.
- Cons: New closing costs and a possible higher rate than your existing mortgage.
- Timing: Build in time for appraisal and underwriting so it aligns with your purchase.
Carrying two mortgages
- What it is: You buy first and keep your current mortgage until you sell.
- Pros: Maximum flexibility to shop and move once.
- Cons: Higher monthly costs and stronger reserve requirements.
- Ask your lender: How many months of reserves are required for both loans?
Contingencies and competition
A sale-contingent offer means your purchase depends on selling your current home. In competitive neighborhoods or during peak seasons, sellers often prefer non-contingent offers or very short contingency windows. In balanced conditions, contingent offers can work. Since conditions vary across Bexar County, ask your agent for neighborhood-level data such as inventory and median days on market to judge how contingent offers are performing right now.
Logistics in Bexar County
Timing matters. Consider school calendars, work start dates, and how much disruption you want. If you sell first, you might use a short-term rental, extended-stay hotel, or a rent-back agreement that lets you stay in your home for a set period after closing.
Plan for moving and storage. If you buy first, you may need interim storage while you stage your current home. If you sell first, schedule movers and cleaners to keep your timeline tight and manageable.
Budget for local specifics. Some San Antonio properties sit in flood-prone areas that can affect insurance and lending. Property tax assessments and billing in Bexar County can influence prorations and estimated closing costs. Your agent and lender can help you factor these into your timeline and budget.
Decision checklist
Use this quick list as a starting point for conversations with your lender and agent:
- Estimate realistic net proceeds from selling, including payoff, closing costs, and any credits.
- Get a preapproval that accounts for your current mortgage and potential sale proceeds.
- Ask about bridge options, HELOCs, or cash-out refinancing and their timelines.
- Review neighborhood inventory and median days on market where you plan to buy and sell.
- Evaluate personal constraints like move date, pets, school timing, and tolerance for temporary housing.
San Antonio scenarios
Move-up buyer
You own a home worth about $350,000 with a $150,000 mortgage, so you have roughly $200,000 in gross equity. You aim to buy around $600,000. You could sell first and use net proceeds for a larger down payment, which lowers your new monthly payment. Or you could use a HELOC or bridge loan to buy first, then sell quickly and repay the short-term financing.
Downsizing
If your equity will help fund retirement or reduce monthly costs, selling first often simplifies everything. You can close, free up funds, and write a clean offer on a smaller home. If you need extra time, negotiate a rent-back or plan for short-term housing.
Relocation with a fixed start date
If a job or military timeline is firm, you may prefer to buy first using bridge financing to avoid multiple moves. Another path is to sell first, move into temporary housing, and shop with no contingencies. Your agent can align occupancy and closing dates to reduce overlap.
Questions for lenders and agents
Use these prompts to get clear answers fast.
To your lender:
- If I buy before I sell, can you qualify me while I still carry my current mortgage? What DTI and reserve requirements would apply?
- Do you offer bridge loans, and what are the typical rates, fees, and term lengths? What exit plan would you require?
- How long does a HELOC or cash-out refinance typically take here? What appraisal and documentation will be needed?
- How would a HELOC draw affect my qualifying debt calculation for the purchase loan?
To your agent:
- What are current inventory levels and days on market for the neighborhoods I’m considering? Are contingent offers often accepted?
- If I sell first, how long do buyers in our price range typically take to close and move in? Can I negotiate a rent-back?
- Given my timeline and equity, what strategy has worked recently in this area: sell first, buy first with bridge, or a contingent offer?
Next steps
- Get a realistic net proceeds estimate for your current home.
- Secure a purchase preapproval that reflects your existing mortgage and potential equity.
- Review neighborhood-level inventory and days on market for both your sell-side and buy-side areas.
- Decide whether temporary housing or a rent-back fits your timeline and budget.
- Align on a plan with a local, finance-savvy agent and your lender.
When you are ready to map out your move in San Antonio or Bexar County, reach out to Cynthia Emerson for a quick strategy session and a free home valuation. You will get a clear plan that matches your equity, timeline, and neighborhood goals.
FAQs
Can you make a contingent offer in San Antonio?
- Yes, but in more competitive neighborhoods and peak seasons, contingent offers are harder to win. Ask your agent about current inventory and days on market to gauge acceptance.
Will a lender approve a new loan before you sell?
- Possibly. Approval depends on debt-to-income and reserve requirements. Confirm whether you can qualify while carrying two mortgages and what reserves are needed.
Are bridge loans common or affordable in Bexar County?
- Bridge loans are available but cost more than typical mortgages and have short terms. They work best when you expect to sell quickly or refinance soon after.
What if you need more time after selling to find a new home?
- Consider a post-closing occupancy agreement, often called a rent-back, or plan for temporary housing. Acceptance and cost vary by market conditions and buyer needs.
