Be Well-Prepared If You Plan to Buy & Sell at the Same Time

If you’re wondering what the different approaches are to seamlessly buy and sell a home at the same time, here’s how.

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A seller situation that I’ve become fairly familiar with is that of the person who wants to sell their current home and move into another all at once. They often come to me with certain concerns and assumptions swirling in their minds, so I’d like to take a few moments to clear some of that up.  

First, when you’re presented with a good offer on your home, don’t hesitate to act on it. Now, if you’re in the market for a specialty home, such as a lakehouse or one that possesses qualities not found in many other properties, you need to leap at the opportunity when a home like that hits the market to fend off competition.

It’s unwise to assume that you’ll be able to carry a second mortgage while your current home is on the market without first checking with a lender.

Aside from that, don’t operate under the assumption that you’ll be able to carry a second mortgage with ease while your current home is for sale. That’s simply not a wise assumption to make. My advice is to check with a lender to determine if you can juggle both simultaneously. Know that going under contract for a new home and selling your current home all in the same day is a pretty rare occurrence.

In a few words, timing is critical. It’s important to prepare yourself for one of two things: If you sell your current home before finding your next, you’ll have to seek temporary housing. On the other hand, if you make a purchase while your home remains on the market, you’ll be left with two mortgage payments to make short term.

If buying and selling simultaneously is a strategy that interests you, please give me a call. I can point you in the direction of some lenders that can assist you with questions of this nature, give you a market analysis on your home, and discuss what you can expect if you plan to enter the market soon.