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Buying And Selling A House At The Same Time
Dated: October 22 2020
Do you currently own a house and want to move but feel stuck because you have to sell your home first to be able to buy the next one? In this video, I'm going to show you how to buy and sell a house at the same time. Since many people who currently own a house find themselves in this same position, I’ll explain how timing is most crucial in completing your transaction successfully.
Timing Your Home Sale
Timing your sale is vital when you have to purchase a new home at the same time. This is because you don't want to end up in between homes—AKA homeless. The first question you need to ask yourself is, “Do I need to sell my house to be able to obtain financing for the next one?” If the answer is no, then the transaction can be timed in many, many different ways to reach your overall goals.
If you do need to sell to buy, this is when things get challenging. Ensuring a seamless transaction comes down to timing. Since everyone's situation is different, the key is making sure to time the transactions properly to avoid paying double mortgage payments.
Making An Offer
This is why I like to time it perfectly. In a perfect situation, you do not want to be under contract on a new home to purchase until after you have received an offer on your existing home. The reason this is so important is that you will have much more purchasing power as a non-contingent offer when you are attempting to purchase your next home. If your home is not under contract yet, that makes you a weaker offer in the eyes of your seller.
Ideally, your home would receive an offer before you contract to buy your new house. Put yourself in the other person’s shoes. As a seller, you want your buyer to be a non-contingent offer. The reverse is no different.
Understanding Your Situation
While every situation is different, timing is always going to be critical. If you're interested in learning more about how to time your transaction, I'd be happy to walk you through your specific situation. Over the last 16 years, we have helped many, many clients go through this same process, and we can help you too.
I hope this helps you realize that buying and selling at the same time is not only very possible, but it doesn't have to make you pull out all your hair. To get deeper into this process and apply it directly to your situation, feel free to give me a call at (989) 725-5088. I look forward to assisting you!
Since 2004, Jeff has served the Greater Shiawassee Area through his real estate business and volunteering his time. Recently Jeff acquired his broker's license and along with his wife Missy, has pur....