A Guide To Buying & Selling At The Same Time
Buying and selling a primary residence at the same time can be challenging and complicated. We’ve created an easy to understand system for determining your options and choosing the best one.
One of the biggest challenges our clients face is how to buy and sell their primary residence at the same time. We understand that it can be a very stressful transition and we strive to make it as simple as possible, but there is not a magical way to make the process easy. There are several ways to buy and sell at the same time, and it is up to the individual or family to decide what will be the most suitable for them.
With any of these options, the best thing to do is to make a plan with the end goal in sight, which means beginning by setting a goal. Some of the things to consider are:
o Your timeline
o Your available funds
o Your willingness to move more than once
o Your willingness to live in a home for sale
o Your willingness to sell your home without having secured a new property
There are four basic options for buying and selling at the same time
OPTION ONE: Sell and Buy at exactly the same time
Variation A: Emphasize and prioritize the SALE
Variation B: Emphasize and prioritize the PURCHASE
OPTION TWO: Buy first→Move into your new home →Sell your old home.
OPTION THREE: SELL FIRST - MOVE into temporary housing → BUY new house →MOVE into new house.
OPTION FOUR: MOVE into temporary housing →SELL old house →BUY new house →MOVE into new house.
How To Use This Information, Set a Goal & Make a Plan
Write down the following information:
o Your ideal timeline for buying and selling.
o The funds you have available for the home buying and selling process apart from any proceeds you will get from the sale of your home.
o Your biggest concerns and questions you have about buying and selling at the same time.
As you go through the options below:
o Circle the PROS that are most important to you.
o X out the CONS that you simply can’t accept.
o Circle any of the requirements that you can count on.
o X out any of the requirements that you cannot accept.
ONCE YOU HAVE COMPLETED THIS EXERCISE, WE CAN HELP YOU SET YOUR GOALS AND MAKE A PLAN FOR A SMOOTH AND EFFICIENT HOME BUYING AND SELLING PROCESS.