Buying/Selling at the Same Time. Is It Really Possible?

Buying and selling a home at the same time may sound like a great idea, or it may sound like a stressful disaster waiting to happen. Regardless, the chances of you selling your home and purchasing a different home is likely not going to happen at the same time. However, it could happen around the same time, but you will first want to think things through. It may make more sense to buy first, then sell — or just the opposite. Either way, here are some of the factors to consider:

​Buy First, Then Sell

• Can search for new home without pressure.
• No need to find interim housing.
• Risk of double mortgage payments.
• Equity from current home unknown.

Sell First, Then Buy

• Equity is immediately available.
• No double mortgage payments.
• Risk of having to find interim housing.
• Pressure to buy can lead to rash decisions.

Clearly, buying and selling concurrently comes with its own brand of stress, but with a little preplanning you can keep it under control. Simply put, you should get as much done to your old house before you even start looking for your new one. At a minimum:

• Get rid of stuff. You don’t want to be hauling junk to the dump while the clock is ticking.
• Fix what you can. If necessary, hire an inspector to determine what needs doing and get it done. 
• Disclose what you don’t — fix, that is. If you don’t want to take on a major repair, be sure to disclose the problem to the buyer. It may be better to accept a lower offer than to have the deal fall apart.

Finally, consider a contingent contract when purchasing if you need the proceeds from the sale of your current home. 

The best thing to do when trying to juggle the details of buying and selling a home concurrently is to consult an expert realtor who have handled transactions such as this. They can be a great guide throughout the process. If you have further questions about this process, please contact our office at your earliest convenience. One of our agents would happy to assist you.