How to buy and sell a house simultaneously is a big question for most homeowners contemplating selling their house and either buying a bigger home downsizing transferring because of a job or the list goes on for the reasons to move well, this is exceptionally challenging in this hot seller’s market with low inventory and even in a balanced market, this is daunting. I want to give you information on how to do this process in an orderly and prosperous way. With the right tips and tricks, it really can be done. you just need to know upfront what you have to do to prepare. 

When you’re trying to buy and sell at the same time it comes down to; how you fund your new home. The logistics can be complicated, however, there are two options: 

Sell your current home first.

This can have a positive or a negative effect. Let’s speak to the positive first, you should take your time and get everything right by preparing your home for sale. Things such as cleaning it, decluttering, staging, and repairs are needed to do. Then you can hold on to your home until you get the price you want while it is up for sale. Then once your home is under contract, you can start looking for a new home. If you find one the additional positive is you don’t need to ask for contingency on the sale of your home. That seller is only going to have to wait until your home closes. 

You need to be flexible if you are doing this because if you do decide to sell first you need to have an alternate place to live. This is because you may not find that new home right away. However, you may be able to ask the new owners of your home if you could stay a little longer, but don’t count on it though but it does happen. 

The best part is selling your home first is that you won’t have two mortgages. If you are considering buying and selling at the same time, please make sure you hire a RealtorⓇ as soon as possible. They will provide you with the actual value of your home on the open market. This will help ensure you’re prepared with the offers you receive on your home. As well as what you can afford in a new home. Hiring an experienced full-time RealtorⓇ  who will give you an accurate price, not a makeup number you want to hear will pay off. Make sure you use a realtor who is looking out for you in your best interest. 

The next option is to buy a home first 

This approach can be a little more stressful. However, it can also be comforting if you can afford two mortgages or have the cash to do it. Keep in mind as well, it’s only for a short time so that you will know where you’re going once you have sold your home. Again there are negatives and positives to this option too. 

The positive is you will have peace of mind of knowing where you will move to once your home sells. This is what many sellers are fearful of, selling and having nowhere to live. I have done this quite a few times with sellers and there are some essential tasks you need to do before attempting this approach. 

First and most critical again, make sure you hire a RealtorⓇ as soon as possible. They will provide you with the actual value of your home on the open market. This will help you to be prepared for the offers you receive on your home. Knowing your home’s value will also help you to know what you will be able to afford for your new home. When purchasing a new home you don’t want to make a mistake on the dollars you will receive for your current home. This could cause you to overspend on the next home and then be very very stressed. 

Next, you rinse and repeat what I mentioned about having your current home in the best shape to sell. This is not the time to do the work needed to put your home up for sale once you have found the house of your dreams. You must do the work to prepare your house before. Otherwise, that will place you behind the eight ball when you have a contract on the home you’re going to purchase. 

However, if you have cash then this is an easy decision. You can use the money on hand to purchase a home and replenish it after selling your current home. Sadly, many people don’t have that kind of extra cash. So if you need a loan there are particular loan types you can apply for to get through this temporary situation of owning two homes at the same time. 

Lending options for buying first

You are almost there if you can qualify and get approved to own a second home. If this is the case there is a fundamental question to ask your lender: do they offer to recast? This means that once you sell your home the lender will accept the proceeds you receive from the sale of your home and recalculate your mortgage with a lower principal amount after subtracting what you have just paid them. This will significantly lower your mortgage payment. With traditional loans even if you pay it down almost all down. The monthly fee or payment remains the same until you pay it off or sell. So recasting is an excellent option. 

Another lending you can do is take a home equity loan on the current home you own. If this is an option for you, it will save you on closing costs because it’s a different type of loan. Then you pay it back once you sell your home. This is just another reason it is essential to speak to your realtor who will know the best option and whom to talk to receive the program that will work best for you. 

On the flip side, the negative of buying first is that you risk double payments until your current home sells. This leaves you in NOT the best-negotiating position. Meaning you’re really selling your existing home because of the pressure to get rid of that home to not have the two payments. 

Buying and selling at the same time can be done with proper planning. I always ensure I follow the five p’s for the best outcome: proper planning prevents poor performance. I want you to have an exceptional experience in buying or selling real estate. Please comment below so I can answer any of your questions and remember to subscribe to my channel for more great real estate information that I release every Tuesday. Until next time see you later!

How to buy and sell a house simultaneously is a big question for most homeowners contemplating selling their home and wanting to purchase another at the same time. This is exceptionally challenging in this hot seller’s market with low inventory. I will provide you with information on how to do this process in an orderly and prosperous way with tips and tricks on how to get this done.

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I am Maria Wells, Broker/Owner of Lifestyle Realty Group. With six real estate designations, I bring you knowledge and insights beyond the average Realtor. I will listen to what you are asking, read between the lines, and provide information you may not know to ask. As the 2017 elected State President of Florida Realtors, the largest state trade organization in the US serving over 180,000 members, and, in 2019 elected Region 5 Vice President for the National Association of Realtors I convey the tremendous experience in handling the complexities of real estate to be your strong advocate. My Concierge philosophy and resources will provide you with personalized attention and service! As a persuasive negotiator, I will get you to the closing table, manage all the details for a worry-free transaction, and be a resource for all your real estate needs for years to come.

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