How do you approach buying a home and selling your own at the same time?
Well, if you have the financial capacity to do so, the easiest option is to purchase your next home before starting the process of selling your current one. This way you can focus on one transaction at a time.
However, if this is not something that is feasible for you, no need to worry. You still have options.
So, what can you do if you need to use the proceeds from selling your current home to fund the purchase of your next? Today I will outline how to approach this scenario.
Most of the time, you would close both sales on the same day. This involves putting your home on the market and, in the meantime, search for homes until you are under contract. Then once you are, you can begin to submit offers. Sellers who can see that you have a buyer lined up will be more likely to accept an offer that is contingent upon the sale of your home.
Including this contingency protects you from ending up with two houses. It will allow you to back out of your home purchase if your home sale falls through.
Yet, switching homes in a single day can present some logistical complications related to the move itself. Most clients my team works with will resolve this by storing items prior to their moving date so that they can easily be transferred to the new home.
However, another way you can resolve complications with the moving process is by negotiating for possession of the home you are purchasing prior to closing, or for possession of the home you’re selling after closing. This will give you a buffer period to make your move.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.