How To Buy & Sell Your Home At The Same Time!

Do you currently own a home and are planning to buy another house? Well if that is your situation you might be wondering how it all works when you want to sell your old house as well! Today I am going to explain how you can sell your old home and find a new one at the same time! It can be a little tricky buying and selling your home at the same time, which is why we are here to show you!

The Process Of Buying and Selling At The Same Time

We know it can be tricky to buy and sell your home at the same time. A lot of it has to do with planning and making sure you time your closing with your old home with your new home. By planning this correctly you can save thousands of dollars in this process. 

There are a lot of moving parts when doing this. Some of them might be contingent upon another,so we’re going to cover what you need to do to stay out of trouble. Timing is the most crucial part of this process. Timing your sale and your purchase at the same time is the key to doing this successfully. We’ve mentioned it a few times so of course it would be! The first question you should ask yourself is do you need to sell your house before you can obtain financing to buy your next home. If the answer is no, that transaction can be timing in many ways. Base on your overall goals essentially. We always say a good rule of thumb is to sell within 45 days of closing on your new one. 

Now if you do need to sell in order to buy, that’s when it becomes more challenging. To ensure a seamless transaction, it all comes down to the timing of each sale. In a perfect situation, you do not want to be under contract and a new home to purchase until after you have received an offer on your existing home. You need time so that you can sell your home earlier in the day before you close on your new one. This will allow the debt to clear on your name and time to take on another mortgage. 

Another reason this is important is that you will have more purchasing power as a non-contingent offer when you attempt to buy your next home. If your home is not under contract yet, that makes you a weaker offer in the eyes of any seller. If your home is already under contract, a seller is more likely to accept your offer. Best way to do this is to loosely start looking for a new home while your old home is on the market. Now If you start to feel like your home is going to receive an offer, you should start to be more aggressive in your search. IN a perfect world, the home you’re selling would receive an offer to purchase before you write  an offer to buy a new home.

Let’s get Ready to Sell!

Like I've said, this process is all about timing. If you time something off, you may end up in a position with two mortgages or no home for a while. Luckily, the Burke Group does have some experience with these kinds of transactions. I hope that these helpful tips have pointed you in the right direction for buying and selling your home at the same time. If you have any questions on anything above or just need some answers we didn’t discuss, reach out to us. We can help!