Selling A Home While Buying at the Same Time

Brad Smith • September 16, 2020

Buying a home is often a difficult, and possibly complicated process in and of itself. Selling a home while trying to buy one at the same time? It is possible but often stressful. If you have a plan and know what you are doing, it can get done.

Who's on your Team?

You should have a real estate professional on your side to help you navigate through the buying & selling experience, along with an attorney. If you are doing both at the same time, it is especially important. An experienced real estate professional will know when the market conditions will make it easier to buy or to sell. They will also help you prepare as much as possible in advance such as having all repairs done so that the sale is not delayed, and not fixating on the little things that may bog down a real estate closing.

Agent and Attorney Teaming up

When an attorney and a real estate agent work together, it can make the buying/selling process smoother. An attorney can and will solve problems that arise during the closing process. Attorneys will work to remove exceptions that don’t apply and will work with underwriters on complicated issues.

And where negotiations get heated, an attorney has skills to resolve problems. Agents do as well, but an attorney understands and addresses legal implications and can protect your interests.

Options To Moving Before You Buy a Home

If you have sold your home but have yet to buy or move into the new home, then you have many options available to you. These options may include reaching out to friends and family to find temporary quarters. The advantage is, the rent will likely be affordable and the buyer could stay for as long or short of a time as they need. Plus, you will have the ability to reconnect with family and friends.

You also do not want to put a contingent offer on the home that is being sold because it would make it less desirable to the buyers. Often time sellers should put their homes for sale first and once they have negotiated and accepted an offer, then begin looking for a new home to buy.

Financing

Financing may play a critical role. You may want to apply for a bridge loan, which would give the seller the short-term financing needed to buy a new home before the old one is sold. However, the problem with this is bridge loans are offered by a few lenders and only apply to people with excellent credit and lots of equity in the home. A potential short-term solution the buy-sell situations is renting your just sold home from the new owners.

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