How to Buy a Home and Sell Your House At The Same Time

If you already own a home and are considering upgrading, you have likely had the question, “is it possible for me to sell and buy a home at the same time? “

While it is not necessarily the most common way of conducting business, you can orchestrate the closing of your new home purchase and your current home sale at the same time.

However, even if it is possible, that does not mean that it is always the best idea. Depending on your current financial circumstances, the best course of action could be to either decide to purchase or sell a home first.

Should you purchase or sell first?

The biggest roadblock for most, when considering purchasing a new home before they sell their current home would be the addition of a second mortgage.

It is typically not recommended to take on additional debt load like this, especially if you know it is unsustainable.

You would be better off trying to sell your current home before purchasing a new home if it meant avoiding taking out a second mortgage.

However, you can use the leverage of your current home to qualify more easily for your next home. You could use a home equity line of credit to finance the down payment of a new home larger than what you would have been capable of saving on your own. Another potential way people can leverage their current homes to assist with the down payment of future homes is through the use of a bridge loan.

Same-day closing on both properties?

If you have access to a talented real estate agent, you can ask them to assist you in coordinating the simultaneous purchase and sale of a home. This will allow the closing of both properties to occur on the same day.

It requires a lot of coordination between the various parties, but it is possible to accomplish. It is more likely that you should end up selling your house first and find temporary housing in a rental as you wait for the new home to finish closing. In some cases, the process when you sell your home can take months to close.

If possible, try to find a rental unit to live in during the time, but if you have access to a talented real estate agent, you can ask them to assist you in coordinating the simultaneous purchase and sale of a home. This will allow the closing of both properties to occur on the same day.

It requires a lot of coordination between the various parties, but it is possible to accomplish. What is more likely is that you should end up selling your house first, and you will find temporary housing in a rental as you wait for the new home to finish closing.

The closing process of purchasing a home end of selling a home can take months in certain cases. If possible, try to find a rental unit to live in between when your current home is sold, and your new home is ready to move in the Gizzy flexible lease terms, so you do not get locked into paying rent and mortgage payments every month once you move into the new home.

The Process

Learning how to buy and sell a home will be similar to the first time you purchased a home. The major differences you will need to prepare your current home for sale. Now is the time that you will be best off if you take time and improve your home. There are many small things you can do to boost the value before you put your home on the market. Look at your local community and see what drives the value of the real estate in your local area.

Then you can try to take the best ideas you found while scouring your community and implement them on your property. Even something as simple as a nice quality landscaping job can make a world of difference in potential buyers’ first impressions when they approach a home.

Before a new buyer even steps foot inside your home’s threshold, they will have already formed a judgment based on the appearance from outside. You can let this be a good thing if you make the outside of your home look phenomenal. Once they walk in, they will already be impressed.