Selling and buying a home at the same time is a complex process and can be quite overwhelming for homeowners. Many homeowners wonder how they can ensure that all the necessary funds are in place and how to time the transactions in line with one another, so they don’t have to move multiple times.
By following these guidelines and a clear procedure, buying and selling a home at the same time can become an organized and seamless process!Â
The Challenge of Buying and Selling A Home Simultaneously:
The biggest downside of buying and selling a home at the same time is that you end up being on a time clock. If you find your new house first, you may end up waiting for your old house to sell. If you sell your old house first, you have a buyer waiting for you to find a new house and move so they can move into your old house. Either way, you don’t have the luxury of taking as much time as you want to find a buyer or to find a new house. If you’re a seller, that could mean being forced to be realistic and reasonable about price so that it happens quick. If you’re on the buy side, it may mean settling and not getting every single thing on your wish list.
So Why Buy and Sell A Home At The Same Time?
When buying and selling a home at the same time, the biggest benefit is that you don’t have to move twice because you move from your old house straight into your new house! Many homeowners also want the benefit of financing the purchase of their new home with the proceeds of the sale of their old home.
So, if you’re thinking of selling your home, and buying your next home at the same time, here are the key guidelines to ensure a smooth and successful process:
How To Navigate The Challenges Of Buying And Selling At The Same Time:
1) Hire A Qualified Real Estate Agent:
It’s important to hire a qualified real estate agent on any real estate transaction, especially when navigating the challenge of 2 transactions at once. Buying and selling a home at the same time presents a myriad of details that have to be tracked, considered, and taken into account. Having an agent who can guide you from the beginning of the process until the end, will ensure a smooth transaction. A qualified real estate agent will know the ins and outs of the market and will guide you according to your specific needs and timeline!
2) Prepare Your Current Home For Sale:
Preparing your current home for sale before beginning your home search is important! When buying and selling a home at the same time, it’s important to ensure that your home is in the right condition to sell quickly. By preparing your home properly, you are ensuring your property presents well to home-buyers and demands a higher sale price. A good listing agent will guide you to prepare your home to present in the best possible way to potential buyers. This may include decluttering, painting, staging, or gardening! By preparing your home for sale, you will guarantee a faster and higher-price sale. Check out this guide on how to prepare your property for sale!
3) Know Your Finances
In most cases, buying and selling a home at the same time presents a secure financial option to homeowners. Most homeowners plan to use the income from the sale of their home to pay off their mortgage and put a downpayment on the purchase of their next home. But, this requires an organized and systemized timetable that ensures the close of your sale occurs before the closing date of the purchase of the new home. Having your finances secured, approved, and organized before beginning the process is essential to ensure a smooth timely transaction. Be sure to have a plan in place in case the sale of your home gets delayed, and the proceedings can not be used immediately for the purchase of your home.
4) Establish A Timeline
Once your financing is secure and in place, a real estate agent will guide you on how to establish a timeline for your dual transactions. Establishing a timeline when buying and selling a home simultaneously is important for several reasons. First, having a clear timeline helps you coordinate the closing dates for both transactions, ensuring a smooth transition from your old home to your new one. It also allows you to plan financially to ensure a smooth transfer of funds. Additionally, establishing and following a timeline, allows homeowners to make necessary arrangements, such as packing, moving, and scheduling any renovations or repairs in advance. A qualified real estate agent understands the timeline of buying and selling a home and will guide you through the process. They will help you price your home at market value to sell quickly, and time the buying side accordingly.
People buy and sell at the same time because financially it makes sense for them to sell before they buy, it’s a big upheaval to move twice, and they’re afraid to rent long term if they don’t find the right house to buy and they already sold their old house. The benefits of home ownership are important and huge so in a way, it’s smart to make sure to always be owning a home, even if it means a time crunch.
Sheri
About The Bienstock Group:
The Bienstock Group, led by Sheri Bienstock, is an expert real estate group in Los Angeles, Hancock Park, and Miracle Mile. Sheri is committed to her clients and will invest all her effort to get you the best results possible. Sheri has 235+ five-star reviews on Zillow, and has been ranked #1 listing agent in 90036 since 2009 and in Hancock Park since 2016.