Help! I Want to Sell My Home and Buy Another at the Same Time. How Do I Do It?
So you’re ready to sell your home and buy a new one at the same time. Maybe you’re ready to upgrade, downsize, relocate—or just want a new neighborhood.
While buying and selling at the same time can be a little tricky, it can be done—and a good realtor makes it easier. Here are a few things you’ll need to do for a successful move.
Sell your old home.
In an ideal world, we’d all sell our house quickly and immediately find a new one 3 days later. In reality, it rarely works that way. There are typically 2 scenarios:
- If you sell first, then buy a new home, it will be easier financially—but you may need to live in temporary housing until your new home is ready.
- If you buy first, then sell your old home, you run the risk of carrying 2 mortgages until you sell your old home.
Figure out financing.
It’s best to consult a mortgage loan officer
and realtor before beginning the buying and selling process to understand your options. Does your income level allow enough flexibility to pay for 2 mortgages at once—and for how long? If you can do this, it will help the home buying process move along without hinging on the sale of your old home. If not, then it’s best to sell your old home before moving forward with the purchase of a new one.
Find your new home.
Once you find your new home, work with your realtor to line up the closing dates as closely as possible—so that you minimize the time spent between permanent residences.
Find temporary housing.
Even if you don’t need it, it’s better to research temporary housing options in advance—rather than wait until you suddenly have 15 days till closing your old home. A few options to explore: living with a friend or a family member; in a short-term apartment rental; or even in a fully furnished extended stay hotel. Don’t forget to price out nearby storage options for your belongings. Plan for timing of anywhere from 2 weeks to 6 months.
Hire a good realtor.
This is not the time to save a few dollars by trying to execute this complex home sale and purchase on your own. A good realtor can help you negotiate the tricky timing—and paperwork—involved with buying and selling homes simultaneously. Look for an experienced realtor who can coach you through the process, help you figure out financing, and time the closings in a way that’s most advantageous to you.
Did you know that ReeceNichols has 1,900 agents throughout the Kansas City metro area that can handle simultaneous home buying and selling? Find aReeceNichols REALTOR near you.