Interested in Your Own Personally Branded Magazine? Click Here!

Want to customize this content for your business?

Learn More

Categories

  • Home
  • Decor
  • Real Estate
  • Life & Culture
  • Food & Recipes
  • Holiday & Entertaining

  • Printables
  • Videos


General

  • About the Magazine
  • Advertise
  • Copyright
  • Privacy Policy
  • Cookie Policy
  • Careers


Editorial

  • Editorial Calendar
  • Issue Archive
  • Contact Us
  • Pitch an Idea

American Lifestyle Magazine Logo
  • Home
  • Decor
  • Real Estate
  • Life & Culture
  • Food & Recipes
  • Holiday & Entertaining
  • Search
  • Follow
  • 0 Heart
  • |
  • Food & Recipes Categories
    • All Recipes (768)
    • Appetizers (140)
    • Breakfast (64)
    • Cooking Tips (41)
    • Desserts (219)
    • Dinner (232)
    • Drinks (59)
    • Gluten Free (9)
    • Healthy (71)
    • Lunch (11)
    • Quick & Easy (62)
    • Vegan (37)
    • Vegetarian (55)
Dinner | May 22, 2023

Scalloped Potatoes with Tomatoes and Anchovy Parsley Sauce

  • Holiday & Entertaining Categories
    • Celebrate (2)
    • Christmas (83)
    • Easter (15)
    • Entertaining (44)
    • Fall (11)
    • Father’s Day (6)
    • Halloween (29)
    • Hanukkah (17)
    • July 4th (36)
    • Mother’s Day (8)
    • New Year’s (23)
    • Spring (10)
    • St. Patrick's Day (11)
    • Summer (21)
    • Thanksgiving (36)
    • Valentine’s Day (5)
    • Winter (12)
Travel | Apr 6, 2023

Egg-citing Dishes from Around the World

  • Decor Categories
    • Crafts & DIY Projects (279)
    • Curb Appeal (6)
    • Decorate (82)
    • Interior Design (94)
Interior Design | May 26, 2023

A Modern Spanish Hacienda

Decorate | Apr 1, 2023

A Guide to Shopping Secondhand

Interior Design | Apr 1, 2023

A Modern Funk Redesign

  • Real Estate Categories
    • Buying & Selling (205)
    • Home Trends (23)
    • Staging (21)
    • Your First House (35)
Buying & Selling | May 15, 2023

America’s Best Cities

Staging | Feb 13, 2023

Put Your Best House Forward

Decor | Nov 14, 2022

Design Trends to Follow in 2023

  • Life & Culture Categories
    • Editorial (319)
    • Family & Pets (212)
    • Finances (36)
    • Health (159)
    • Travel (260)
Interior Design | May 26, 2023

A Modern Spanish Hacienda

Travel | May 26, 2023

A Surprising Way to Travel

Travel | May 22, 2023

Animal Friends

  • Home Categories
    • Cleaning (44)
    • Organizing (48)
    • Home Improvement (125)
    • Outdoors & Gardening (91)
Outdoors & Gardening | Mar 2, 2023

Prepping Your Home for Spring

Cleaning | Feb 28, 2023

Detail Your Car like a Pro

Home Improvement | Jan 18, 2023

4-Week Home-Improvement Challenge

Follow us on social media today!

Facebook Twitter LinkedIn

Buying and Selling a Home at the Same Time

Buying & Selling | By Christy Murdock Edgar | 0 Likes
SHARE
Facebook Twitter LinkedIn More

Each real estate transaction comes with its own challenges, but buying and selling a home at the same time compounds these challenges. The addition of time constraints and another set of buyers and sellers increases the need for appropriate expectations, patience, and perseverance. Proper planning and preparation are key to a successful conclusion for both transactions.

Planning ahead for your back-to-back sale and purchase

You’ve heard people say, “The destination is not as important as the journey.” However, in the case of buying and selling a home at the same time, in many ways the opposite is true. It is important for you to keep the end goal in mind while at the same time detaching a bit from the process. There will no doubt be bumps in the road; the less you focus on those, the better.

Building a great team will help you put together a successful plan for your sale and purchase. What follows is a list of the professionals you’ll be working with. Communicate with them early and often to keep your process moving forward toward the finish line.

man writing on paper

Working with your real estate agent

Your real estate agent can help you develop a clear idea of your needs and expectations for the process. Everything will be time-sensitive, but if you are under severe time pressure, it is important to be very clear about your timeline.

If your purchase will be in another market, allow your agent to refer you to a qualified agent in this new market. Their coordination and cooperation will be vital to the smooth running of the process.

Right-pricing your current home

Of course you will want to sell your current home for the highest possible price as quickly as possible. That means you’ll need to right-price your home rather than holding out for the highest price your market will allow. Unlike other situations, you may not have the luxury of waiting for a buyer who will give you top dollar for your home. Talk to your real estate agent about a price that is fair but also encourages buyer interest and enthusiasm.

Searching for your new home

You’ll want to keep your timeline in mind when searching for your new home. That may mean that you’ll need to put more time into your home search or be a bit more flexible in your requirements. If you are looking to sell and then buy your dream home, you may want to put in place a longer process with a stop-over in a short-term rental property to buy you some extra time.

Working with your lender

You’ll need to spend time talking with your lender about the way your financing will work during the time that you are freeing up money from the sale of your current home to buy your new home. Depending on your financial situation, you may need to close on your current home before initiating financing on your next home or you may be able to qualify for both mortgages simultaneously.

There are loan products available that can help you tap into the equity on your current home in order to purchase your new home, and then pay the temporary or bridge loan off when you close. While this may make the transition possible, it can also put you in a bind if the sale of your current home falls through or is delayed. Talk to your lender about your risk tolerance in this regard, and find out what option will work best for you.

man and woman negotiating

Working with your closing attorney or agent

Depending on the location of the two properties, you may be able to close at the same title company or real estate attorney’s office on both your sale and purchase. Alternatively, you may be able to conduct a mobile closing at a location of your choice—a convenient alternative that allows you to better control your time. You may also choose to close by mail or through a proxy with Power of Attorney.

Working with your movers

Unlike a standard move, you may need to have your household goods packed and stored for a while before they arrive at your new home. You may need to have a portion of your items stored and a portion moved to a short-term rental. Talk to your movers about your options so that they can help you determine the most cost-effective and efficient way of facilitating the particulars of your move.

interior of home with blue rug and grey couch

Short-term Lease Options

You may have visions of a same-day sale and purchase. While this does happen, it requires everything to proceed perfectly with the buyers and sellers on both sides of two different transactions, as well as with both of the lenders involved. Just in case this does not occur, it’s a smart idea to put a backup plan into place. Here are some convenient options:

Rent back your current home

If you know when your new home will be ready for you, you may be able to negotiate a rent-back on your current home. This can be done for one day or for several months, depending on your needs and the preferences of the buyers you are working with.

Rent your next home prior to closing

If the home you are buying is currently unoccupied, you may be able to rent it prior to its purchase. Ask your real estate agent to negotiate an early possession agreement with the sellers prior to the closing date. Note: this should not be an opportunity for you to renegotiate the terms of the sale or ask for additional improvements that you missed before.

Rent another property month-to-month

If you need more time between closings, you may want to rent a property for a few weeks or a few months, depending on your needs. It may be a good idea to choose a property that is already furnished so that you can keep most of your belongings in storage, saving you both time and money.

Stay in a short-term rental

Check out short-term rental services like Airbnb for properties that are available for monthly rental. These properties will come with fully outfitted kitchens and bathrooms, allowing you to keep most of your personal possessions safely stored until your new home is move-in ready.

16329 Views

This article is tagged in:

FinanceFinancial AdviceHome AdviceHome BuyingHome LoanReal EstateReal Estate AgentRefinancingSellerSelling

Related Posts

Real Estate | May 15, 2023

America’s Best Cities

Life & Culture | Apr 1, 2023

A Modern Funk Redesign

Real Estate | Feb 13, 2023

Put Your Best House Forward

Life & Culture | Dec 23, 2022

A Look Back at Inflation in 2022

Life & Culture | Nov 30, 2022

Banks vs. Credit Unions: What’s the Difference?

Popular Posts

can-planters-card
Decor | Mar 25, 2020

Make Your Own Can Planters

Home | Jul 8, 2021

Tips for Redesigning Your Patio Space

Life & Culture | Feb 17, 2020

Trash vs. Recycle: Do You Know When to Trash it?

spring-cleaning-countdown
Home | Mar 23, 2021

Spring-Cleaning Countdown

home office with white furniture
Life & Culture | Mar 30, 2020

Everyone Is Working From Home—Here’s How to Do It Effectively


You may also like:

can-planters-card
Crafts & DIY Projects | Mar 25, 2020

Make Your Own Can Planters

Outdoors & Gardening | Jul 8, 2021

Tips for Redesigning Your Patio Space

Health | Feb 17, 2020

Trash vs. Recycle: Do You Know When to Trash it?

spring-cleaning-countdown
Cleaning | Mar 23, 2021

Spring-Cleaning Countdown

home office with white furniture
Health | Mar 30, 2020

Everyone Is Working From Home—Here’s How to Do It Effectively

Buying & Selling | Dec 14, 2017

House Selling Checklist

Make Your Own Seed Paper
Crafts & DIY Projects | Mar 17, 2016

Make Your Own Seed Paper

Share on Social Media

Our mission is to deliver entertainment that inspires and motivates our readers, encouraging them to follow their passions as they explore new horizons.

© 2023 American Lifestyle Magazine

General
  • About the Magazine
  • Advertise
  • Copyright
  • Privacy Policy
  • Cookie Policy
  • Careers
Editorial
  • Editorial Calendar
  • Issue Archive
  • Contact Us
  • Pitch an Idea
Categories
  • Home
  • Decor
  • Real Estate
  • Life & Culture
  • Food & Recipes
  • Holiday & Entertaining
Follow Us
Facebook Pinterest Instagram Youtube

Customize this content for your business!

Learn More

,