How To Buy And Sell A Home At The Same Time

Carol and Frank looked across the card table. Both had “deer in the headlights” expressions when their bridge partners announced that they had discussed moving sooner than expected and would be buying and selling at the same time.

“Do you two have a death wish?” Carol asked. “Why don’t you just sell your home first?”

The question isn’t unusual. Plenty of real estate authorities advise couples to take a more conservative route: Sell first. Buy next.

But Frank and Carol decided that going through both at the same time was more logical and they were up for the challenge. If you’re considering this option for yourself, keep reading because the odds are in your favor that you can follow their lead.

According to the National Association of Realtors, 71-percent of all U.S. homebuyers retained ownership when they set about making new home purchases. That’s a lot of people to be undertaking this process and they obviously lived to tell about it!

You’ll face challenges. Formidable ones. Funding glitches. Logistical nightmares plus contingency dramas, disappointments born of the occasional daisy chain effect and surprises that pop up along this unique journey.

Understand that up front and you’ll feel more prepared and confident that your decision to sell your home and buy one at the same time isn’t unusual — especially if fate interceded by putting the abode of your dreams in your path when you weren’t expecting it to pop up on your radar.

Take a deep breath and jump in. Don’t say no when there’s a chance you can make things work by buying and selling at the same time.

Our 5-step home selling tips guide to making things work

If you decide that life has put that delicious new house in front of your nose for a reason and decide to buy first, there are home selling tips and sage preparatory advice that you can take advantage of to help you turn chaos into sanity:

1. Crunch the numbers to see if buying and selling at the same time is financially feasible. Can you pay two mortgages without moving back to your parents’ home? Got enough assets tucked away for the down payment?

2. Deal with a trusted partner like the real estate agents in Royal Oak to choreograph the dance. Ditto lenders with whom you are already familiar.

3. Look into what’s involved with getting a bridge loan if you can’t come up with a down payment.

4. Come up with a contingency offer that the seller will think twice about before refusing. As a plan B, offer a hefty amount of non-refundable earnest money to see how the seller responds.

5. If you’re in a position to do so, make it a cash sale so you still only have one mortgage payment to worry about.

Ways a local real estate agent can help you maintain your sanity during this journey

-Pick an agent who is not just experienced at handling clients who want to buy and sell at the same time but one with whom you feel comfortable from the get go.

-Keep your existing home in pristine condition so it shows like a dream while it’s on the market.

-Be realistic about the selling price you’ve set for your home; we can help you do your homework so you’re in the ballpark and have options.

-If you don’t have enough cash to get you through a worst case scenario, make sure you’ve got back up in the form of a relative willing to make you a short term loan on very little notice.

This is no time to make other major decisions. Keep your commitment to buying and selling squarely in your sights and if you start to experience reservations, make sure your Royal Oak realtor is on your speed dial.