How Can You Buy & Sell at the Same Time?

How can you buy and sell a home at the same time?

With a lot of planning ahead of time, it is possible to buy and sell a home at the same time. One of the biggest fears that people looking to do this have is that they could wind up homeless.

We all know that in a seller’s market, and it’s a lot easier to sell a home than buy a home. Sellers these days are looking for offers that don’t have any contingencies. Bridge loans and similar programs exist to help alleviate that concern.

However, make sure that you don’t jump the gun by going out to find your dream home before you’ve made any plans to balance your transactions. You could end up owning your new property before you even get a chance to put your current one on the market.

“Don’t jump the gun by going out to find your dream home before you’ve made any plans to sell.”

You also need to make sure that you have terms that fit your situation. That could include having a leaseback, which is an arrangement where you essentially rent the home you sold from the buyer for a couple weeks while you look for a home to buy.

If you do plan to buy and sell on the same day, make sure to have all of your belongings packed up and moved out at least a day beforehand, and plan to get a hotel on the day of closing.

If you ever find yourself needing to buy and sell at the same time, or if you have any questions, reach out to us. We’d love to help develop a strategy that will allow you close both transactions with as little stress as possible.