Buy and Sell Simultaneously

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Real Estate

Yes, selling your house is scary.  Selling and buying at the same time can be even scarier.  Your biggest fear is that you’ll have nowhere to go. Ya can’t live in your car, not at any age, your children really don’t have room for you, couch surfing is so annoying for everyone involved, hotels are so expensive and apartments usually only allow for long term leases. So unless you plan on selling and renting for a year, that’s not an option. However, it can be done and there are two approaches.

Buyer’s Market
In a buyer’s market it’s easier to find your next home before you sell your current home.  In this situation the buyer has the power which means that the seller of your new home  is thrilled to get an offer and even if the buyer (you) has a house to sell, if the offer is strong, the seller will wait a reasonable amount of time for you to put your house on the market and get it under contract. 

Seller’s Market
If you’re working in a seller’s market, it’s a slightly different story.  In this situation, the seller has the power and generally receives multiple offers from which to choose.  In order for your offer to even be considered, your current home must be under contract.  To protect you (the seller) from having no place to go, you make the sale of your current home contingent on your finding suitable housing.  There has to be a time frame, of course, but 60 days is usually plenty of time for you to find a home that will suit your needs.

The Process
Once both homes are under agreement, the agents work together along with the lenders to coordinate closings. This is where it’s important to make sure the agents are well informed of all dates and the procedures for this to remain seamless.

Sell and Buy Experience
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Home sales are a delicate process and you need a Realtor who has coordinated such a transaction successfully.  Be sure to ask that question of any agent you interview. And interview you must! You certainly don’t want to hire someone new to real estate or experienced in buying or selling but not simultaneously.

About the Author:

Dee Webster Realty Group has been helping families for over a decade and uses the latest in technology to assist your search.  We are dedicated to our clients regardless of their time frame or price range. Did you know that you can search for only homes with solar panels and other “green” aspects? Need a first floor Master or a jacuzzi tub? We can find all of that and more!

Are you a buyer looking in purchase a home in Providence County Rhode Island or in Bristol County Massachusetts? Get your free digital Buyer’s Guide here: Buyer Guide. Are you a seller looking to sell your home in Providence County, RI or in Bristol County, MA? Get your free digital Seller’s Guide here: Seller Guide. Are you interested in learning more about the buying or selling process? Click here: Dee Webster Realty Group Video Series