How to Buy and Sell a Home at the Same Time

How to Buy and Sell a Home at the Same Time

How to Buy and Sell a Home at the Same Time

By Mark Spain Real Estate

Navigating real estate can be challenging, especially when you’re trying to buy and sell a home at the same time. This process of buying and selling simultaneously can be complicated, as you never know what the market will throw at you. However, we have a few remedies you can use to make the process as smooth as possible. 

At Mark Spain Real Estate, we’re here to help you reach all of your real estate goals – even if that means buying and selling a home at the same time! With years of valuable industry experience, our agents offer exclusive market insight to help guide your buying and selling experience. Below, our experts share a few of their top tips on how to buy and sell a home at the same time stress-free! 

How to Buy and Sell a Home at the Same Time 

Hire a Real Estate Agent

Buying and selling a house simultaneously can be stressful. However, it’s much less taxing when you have an experienced real estate agent to guide you through the process. A seasoned real estate agent will help you navigate all the moving pieces of selling and buying a home. If you're buying and selling a home at the same time, hire a real estate agent!

On the selling side of things, your agent will help you set a listing price, conduct home staging, host home showings, and more. From a buying standpoint, an agent will help narrow down your scope of listings, negotiate offers, handle closing processes, etc. To make things as smooth as possible, you might even consider hiring the same agent to act as your listing and selling agent, meaning they will sell your current home while also helping you buy one. 

Prepare Your Finances

Finances are a huge factor in buying and selling a home at the same time. After all, buying a property is financially taxing enough, even without a pre-existing home loan or listing expenses. Ideally, you’d sell your existing property and put the proceeds toward paying off your mortgage and buying another house. However, if things don’t go according to plan, you might find yourself paying two mortgages or even losing your loan approval and chances of buying a new home. 

If your home purchase is contingent upon selling your current house, make sure to include a contingency in your purchase agreement that gives you a way out should the sale of your existing home fail. You may also want a financing contingency if your loan approval depends on the sale of your current home. Your real estate agent will help you navigate these contingencies and ensure your financial footing is sturdy enough to buy and sell a home.

Consider Market Conditions

If you’re going to buy and sell your home at the same time, consider market conditions before making any major moves. If you’re in a seller’s market, you can sell your current home for a higher price. In this case, you may want to wait until you close before making an offer on another home. Consider market conditions when buying and selling a home at the same time.However, the opposite may apply if you’re in a buyer’s market. Buyer’s markets are controlled by buyers, meaning you can purchase a home for less. In this case, you may want to snatch up a home for cheap, even if your current home’s sale is still underway. 

Know Your Timeline

Ideally, you want your buying and selling timelines to align if you do both simultaneously. However, you must remember all the moving parts that go into the closing process. A lot of times, the closing process involves a lot of negotiating between buyer and seller. So, you want to be firm with your current home’s buyer and your next home’s seller about your closing date and expectations. That way, you can set yourself up for a smooth transition from one home to the next. And if worse comes to worse, you can always arrange a back-to-back escrow, where the proceeds from your sale immediately go toward your new home. 

Buying and Selling a Home with Mark Spain Real Estate

Are you planning to buy and sell a home at the same time? Don’t stress! The industry professionals at Mark Spain Real Estate are here to help you reach your real estate goals. Our team of experienced real estate agents delivers unparalleled customer satisfaction and promises a seamless, stress-free selling and buying experience! 

Check out our Guaranteed Offer Program! Our guaranteed offer participants receive the most competitive all-cash offers in the industry and close in as little as 21 days. Contact our agents today to learn more about our Guaranteed Offer Program and sell your home hassle-free!

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