What You Need to Know When Buying and Selling a House at the Same Time

The average person is going to buy more than one house in their lifetime. And, while it might seem like buying the second time will be easier than the first because you have some experience under your belt, it can actually be a lot more difficult it you’re trying to buy a new house while also selling your old.

In the ideal world a transaction like this would always work out smoothly. You would be able to close on both houses at once and have the allowance of time that you needed to move your belongings directly from one house to another. But, that’s not always how it works.

The following tips will help you make your process as smooth as possible when buying and selling a house at the same time.

1. Get your house ready to sell ASAP

Looking for a new house is a lot more fun than getting your existing house ready to sell. But if you want to try to keep the two transactions as close together as possible, you can’t neglect getting your home ready to go on the market.

Make sure you make the necessary repairs along with properly staging your house so it’s ready to attract a buyer fast.

2. Always have a backup plan

If you want to be able to close on both houses together talk to your real estate agent to see what you need to do in order to make that happen. However, always have a back up plan in case your house sells before you’re able to get into your new house. Know where you are going to go and where you’re going to want to store your stuff.

3. Be willing to negotiate

If you want to keep these transactions going at the same time you’re going to need to be willing to negotiate. This may be easier for you to do because you are going to be on both sides of the transaction at one point or another. This might also help you empathize with the people on the other side of your transactions.

So, remember that if you want to keep things moving you might need to be willing to compromise on things like price, space, or the repairs that are made after the home inspection.

4. Use the same agent

When buying and selling a house at the same time, there’s already enough you are going to have to stay on top of. And if you are working with separate agents for your two transactions it can be even harder.

If possible, use your same agent for both transactions. It may make it easier to keep your closings as close together as you can.

However, if you are relocating to a new area, you should find a buyer’s agent that specializes in that area. Their experience will make it worth needing to juggle one more thing.

Make sure you share the information of what you’re trying to do. Talk to a mortgage lender before you start the process. Be up front with your real estate agent and don’t be afraid to ask your buyer or seller for the closing date that you need. That being said, you also need to be willing to work with them if they can’t do it.