How to Sell Your Home and Buy Another at the Same Time

Selling your home and buying another can be tricky in today’s market. Although most transactions close successfully, there is no guarantee that your new home will close at the same time as your existing home. Selling and buying at the same time is a delicate dance, but it is doable. There are a few ways to pursue this plan:

 

1. Sell first, then buy. This is perhaps the safest plan, but it calls for multiple moves. In this scenario, you list your home and complete the transaction before purchasing another home. When your home sells, you would put your belongings into storage and live in a temporary rental or, if possible, arrange to rent back from your home’s new owner. This is an ideal situation if the buyer of your home is willing to let you stay until your new home has closed escrow.  

2. Buy first, then sell. This strategy minimizes disruption. You can move into your new place at your leisure and then take time to prepare your home for sale. The major disadvantage is that, depending on how fast your old home sells, you could be shouldering the burden of two mortgages for some time. You are also responsible for maintenance and security on the vacant home. This scenario works best if your first home is already paid off.

 

3. Sell and Buy simultaneously.  In this situation, the seller first puts their property on the market. After the buyer has removed their investigation contingencies, the seller makes an offer on a new property subject to the successful closing of the old one.  The downside to this is that if you are trying to purchase a property that everyone else wants, you may get beat out by another buyer who is ready to go forward and is not waiting for a home to close.

 

There is no right answer in choosing any of these scenarios. However, much depends on your financial stability, as well as your tolerance for risk or disruption.

If you have questions about how this would best work for your own particular situation, give Nancy a call at (805)710-2415 or email Nancy@NancyPuder.com. She always loves to hear from you!  Nancy Puder is a real estate broker on the Central Coast of California. www.NancyPuder.com.  Follow Nancy on Facebook! www.facebook.com/nancypuderrealtor