How to Buy and Sell at the Same Time
There are a few ways you can go about doing this. You could buy first, then sell. You could also sell first, then buy. Yet another option is a simultaneous close, or “concurrent sale.” Before you attempt any of these things however, there are some things you need to know.
The first thing you should do is review your finances. Getting pre-qualified with a lender will let you know exactly how much home you can afford. We should also discuss what you can sell your home for, so we can determine your equity and what you’ll be able to put in for a down payment. Here’s how you should go about attacking each of the three strategies we mentioned above.
If you choose to buy first, you can enjoy your search without the pressure of having to sell a home. You also won’t need interim housing, and you can move without the rush. However, you could be exposed to paying for two mortgages at the same time, and the other issue is unknown equity. We can make an estimate, but we won’t know for sure what the figure is until you sell.
If you choose to sell first, the good thing is you know exactly how much equity you’ll have for that new house and you won’t have to pay for two mortgages at once. You may, however, need to look for some interim housing through a family member, friend, or a lease-back with the buyer.
Buying and selling at the same time is certainly doable, but it will take some pre-planning, and you’ve got to be flexible. We’ve done this successfully for a bunch of clients, but it always takes pre-planning. We want home inspections and repairs to be done early so we can get the ball rolling on your sale.
If you have any questions for us about buying or selling, feel free to give us a call or send us an email. We look forward to hearing from you!