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How to Buy and Sell a House at the Same Time

Posted by: Baldwin REALTORS® on Tuesday, January 21, 2020

If your goal this year is to sell your home and move into a new one, you’re in for quite the task! While today’s housing market might make selling your home easier, it could also make buying one more challenging. Confused on where to start? We’re here to help you through the entire process.

 

Let’s start by taking a look at the basics…

 

Don’t buy before you sell.

You may be so focused on getting a new home that you prioritize buying one before selling your current home. Let’s not let the mortgages pile up! Sure, buying a new home before selling your current home might make it easier to move, but it isn’t worth the risk and potential complications of having dual mortgages. Additionally, you’ll want to talk with a lender to determine if you are even eligible to carry two mortgages should the situation arise.

One means of buying and selling a home simultaneously is a contract contingency. When you make an offer on your new home, you can make that sale contingent (or dependent) on the sale of your current home. It’s important to note that not all sellers are willing to accept an offer that includes this extra term, especially in a sellers’ market where they could potentially miss out on other offers. At the very least, you can expect a seller to reserve the right to continue showing the property until the contingency is removed.

 

Can you sell and buy on the same day?

Realistically, closings can be delayed for lots of reasons – maybe your buyer has difficulty getting a new mortgage or your home inspector finds issues that need to be fixed before you move into your new home.

However, with the help and coordination of a top-notch REALTOR and a savvy lender, you might be able to sell your current home and close on your next home on the same day.

With a little patience and a lot of hard work (and a Baldwin REALTOR® by your side), you’ll be placing a SOLD sign in your yard in no time and loading up the moving truck. If you need help finding the right REALTOR for you, let us connect you with a few options.

 

Don’t forget to start your home search at BaldwinRealtors.com!

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