How to Buy and Sell a House at the Same Time

How to Buy and Sell a House at the Same Time

Are you in a position where you need to sell your house and buy one at the same time? Allow us to show you how to make the process of buying and selling a home at the same time as painless as possible!

Preparing to Buy and Sell

There is a ton of work to do before you start this process, and it is important to start getting ready as soon as possible. The better you plan now the less likely you are to make a mistake later. When getting ready to sell your home, you can ask your realtor about some of the things that they think your home may need done before it is in a sellable condition.

Usually there are quite a few red flags for buyers that can often be fixed on a budget and in a timely fashion. Cleaning and decluttering will also be an important thing to take care of at this point.

The most important step when getting ready to buy, is having your finances in order. With the housing market being as busy as it has been, you will need to make sure that your finances are in order and your bank is ready to loan you the money.

Or if your able to buy the house outright, you won’t have to worry about banks or preapprovals. You should get pre-approved as soon as you can because it is one of the biggest factors in your home exchange plans. 

How to Sell and Buy a Home at the Same Time

Don’t want to be stuck without a home? Here’s how you can buy and sell a home at the same time:

Step 1: Evaluate & Make Plans Around the Real Estate Market

There are times of the year that benefit the real estate market. The late spring and summer are popular times for buying. You can use this to your advantage. Sell your home in these seasons and benefit from the higher demand. While buying at the same time puts you in a more competitive environment, you can get the transaction done at the same time.

Step 2: Make Updates to Your Home & Get Pre-Approved

Whether you're putting your house on the market in a few weeks or in a few months, you can go ahead and start getting it ready to sell now. You can touch up paint, throw away clutter. You can use this time to assure your finances are in order, start the preapproval process and make sure you have a specific plan for how you will afford the new mortgage. Especially if the new home is more expensive than your old one.

Step 3: Hire a Real Estate Agent

Next is to list the home with a well-reviewed real estate agent. They will oversee selling your home, so you don’t have to worry about it. They will know the market and the going price for homes that are like yours.

They have plenty of experience and will be able to hold your hand through the process of selling and buying a home. And if you do have to stay in a rental in between homes, they will most likely have rentals listed as well. If you're having a hard time selling your house, but you are still moving to your new home, they can assist with finding you a long-term tenant to help make the payments of your old home until it sells.

Step 4: Get Financing

Most people looking to buy a new home have a hard time coming up with the down payment without selling their old home first. You may be able to investigate a home equity line of credit (HELOC) to help you cover the down payment.

Once you sell your old home you will be expected to pay off the HELOC at closing. You can also look at a bridge loan, which is a loan that bridges the gap between buying your new home and selling your old one. It is designed to be paid off at the closing of your old home.

Step 5: Find Your New Home & Sell Your Existing Home

Now you need to start looking for your new home. If you're staying in the same area, then you can use the same agent to buy your home.

Doing this will help develop your relationship with your agent, and they will have a better understanding of what you're looking for. It can be helpful to make a list of what you want in a new home and what you would rather not have and go over it with your agent to help them find your perfect home.

Additionally, you will have had your home on the market by now and hopefully are fielding offers. Accepting a suitable offer on your existing home and getting your offer accepted buying a home is the last step to buying and selling your home at the same time!

Summary

The most important thing to take away from this article is to stay in touch with the professionals throughout the process. They will have knowledge and experience in this area to help guide you through the process.

There are a lot of ways for you to accomplish selling and buying a house at the same time, and they will be able to help you get there. The real estate market can be very tricky to navigate. But with the help of some friends along the way, you will soon have your old home sold and be living in your dream home!

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