A Guide on How to Buy and Sell a House at the Same Time
The process of buying a house is hard enough as it is. If you mix in the factor of having to sell your current one, you might begin to feel a bit overwhelmed. Tackling both of these tasks in the same time period can be difficult to handle, but there are luckily a lot of resources available to help you through the processes. If you’re buying and selling a house at the same time, you’ll want to stick to a specific plan and use the right tools to keep everything stress-free and manageable. Here is our guide to follow if you find yourself needing to buy and sell in the next several months.
Understand the Challenges
When it comes to buying and selling at the same time, stay fully aware of any challenges that may arise during the process. To start, you might find yourself with some financial challenges during the course of everything due to your current mortgage and overlapping costs that might not quite match up. The second biggest challenge is the logistics factor. Will there be a gap between when you buy and sell? How long is everything going to take? Having an understanding that challenges will likely arise will help prevent any unexpected stress.
Choose Whether You are Going to Buy or Sell First
Choosing whether to buy or sell first is one of the biggest decisions in the process. Both have their challenges and both have their benefits. If you decide to sell first, you’ll likely have more control on the financial side because many parts of the country are in a seller’s market, but you’ll have to plan for the logistics of moving and preparing the space while you’re still living in it. This can tend to be hectic and stressful.
On the other hand, buying first can free up a lot of the stress associated with moving and your overall timeline, but can cause more financial challenges. Overlapping mortgages can be overwhelming, but there are options, such as bridge loans, to help alleviate any issues.
Be Conscious of Contingencies
Contingencies, which are essentially contract clauses, can be your best ally during the buying and selling process. Writing them into your contracts can help safeguard you in case any unexpected issues arise. For instance, you can write in a contract that you can’t follow through with buying unless your current home sells. While contingencies help secure you through the steps, they can also weaken other areas, like how strong your offer is on a specific home.
Rely on Realtors
For reliable buyer and seller insights in 2022, the best advice anyone to give you would be to consult with a real estate agent. Having a team of experts on your side to answer questions and provide educated advice is going to be your best option. From start to finish, you’re going to find the most success if you’re teaming with people who can help with every step along the way.
Key Real Estate in Southwest Florida values our clients and has the skills and mindset to assist anyone who is wanting to buy and sell a house at the same time. If you’re in need of help this year, give our dedicated team a call today.
by : Julia Aldrich
Posted by Kevin E Yankow on