We see this scenario all the time in our market: Someone needs to buy and sell a home at the same time.
Usually, the homeowner(s) in question needs to sell first and then buy because they have a growing family and need to upsize to a home with a little more legroom. If you need to pull off a simultaneous transaction to move, there are a couple ways to do it.
The first is buying your new home before selling your current one. This way, you can avoid the headache of needing to sell your current home before buying your next one. You should talk with your lender first to see if this is doable, though, because most people need the proceeds from their home sale to make their next purchase.
The second is selling your current home before buying a new one. The advantage here is that we’re in an aggressive market, so if you listed your current home, there’s a good chance it will sell before you find your next one. It’s more difficult to get your offer accepted by a seller when the home you need to sell isn’t under contract and has yet to be through its option period. A lot depends on each party’s motivation and willingness to work with each other, though.
You should have a plan B set up in case you sell your current home before finding your next one, whether that means staying with a family member or close friend or pursuing a temporary lease.
If you have any questions about this topic or you’d like to talk about what your best strategy is to buy and sell at the same time, don’t hesitate to reach out to me. I’d love to help you.
