How to Buy a New Home While Selling Your Old One

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Overview To Buying A New House And Sell The Old One

Have you ever wondered how some people make their house buying and selling process an easy task while others struggle with it?

Did you know there are many different techniques to get through this challenging part of life?

If you want to learn more about what it takes to buy your next home while selling the old one simultaneously, read on.

You’ve found your dream home and have a firm contract to sell your existing home.

Now you’re wondering if you can meet both closing dates?

In other words, should you sell your house first or close on purchasing a new one first?

The answer is that it’s not an either/or proposition. You can do both transactions simultaneously to accomplish two goals at once. Here are some tips on how to make this work smoothly:

Timing Is Everything

Timing is critical when coordinating the closings for sale and purchase simultaneously. Your ultimate goal is to get possession of both houses on the same day.

Still, there are many variables in scheduling two closings spaced only three weeks apart, especially if both transactions involve buyers who are not yet living in the homes.

Plan For Contingencies

Because timing is so important, it’s crucial to be ready for any eventuality. Instead of planning on having everything wrapped up by a set date, make plans for closing earlier if possible or delaying until later if necessary.

Don’t automatically assume that contractual contingencies mean one transaction will close before the other. It’s always better to plan than to be caught off-guard with nowhere left to turn.

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Negotiate Protection For The Sale Of Your House

Sellers worried they’d be left high and dry if the purchase falls through the need to negotiate some agreement protecting their interest in closing first.

It might take the form of an option giving you the right to cancel the contract if it isn’t assigned at close or complete notification of any holes found during an inspection performed on your property.

Your agent can help you decide how best to protect yourself from getting stuck with a house that no one wants after you’ve sold your current home.

Working Together

A dual closing requires hard work on both sides, but savvy negotiators will see the benefit of not having to find another house while their current home is on the market.

If you’re in the market for a new place and think this might be an option, talk with your real estate agent immediately so they can begin planning it.

Remember These Three Simple Rules

Make sure there are no obstacles in between. The more people involved, the chances of getting this done quickly decrease drastically. It’s like two planets trying to move in two different directions, so something’s got to give somewhere down the line.
Make sure your list of potential buyers is filled with people you trust. This way, you can directly ask them what they think about this complicated situation and how it could be resolved without as much hassle. Asking for their opinion might help you find that one person out there that’s willing to help make things go more smoothly (and quickly!)
If you’re not getting anywhere after four months or more, bringing your realtor into the picture will work like a charm! Remember, nobody knows this kind of business better than someone who has been doing it for many years now; also, hiring an agent doesn’t have to cost you a lot of money either!

Keep these three simple rules in mind, and you can successfully sell your old house while buying the new one in record time. It’s all about following the proper steps, so make sure yours are filled with determination, and you’ll get where you need to go in no time!

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