Buying and Selling Home - Same Time?

Has anyone bought and sold their house at the same time? How did u do it? Did u include an contingency in your contract so that u had time to find ur home?

We want to buy a bigger home, but don’t know how realistic this is to do at the same time. We don’t have family members to move in with so it would have to be done at the same time.

Any advice? Thank u!

Re: Buying and Selling Home - Same Time?

It's possible. You should get to know the market and feel confident in the houses that you can afford and what condition they are in. Once your house goes into contract to sell, you have about a month to find a house.

One option is to choose buyers for your home who do not have anything to sell or are flexible in their timeline. For example, people living with the parents or in an apartment may be more flexible than a family who is selling their own home and wants their children to start school in their new house.

Buying and Selling Home - Same Time?

We’re doing this right now. If I survive, I’ll let you know in a few months how it went.

Buying and Selling Home - Same Time?

I did, twice. It's going to be VERY hard to find a seller that is going to going to accept a contingency like that, especially in this market. Most want to know you are in contract to sell your home (unless you're approved for the mortgage without selling). You usually need to sell first and then hopefully find something ASAP, otherwise you rent / move in with family / etc. Use a highly experienced realtor. On my first buy / sell we closed within 3 days and we built into our contract that we had one week to vacate upon our sale, we essentially paid them prorated rent. The second buy/sell I had about month - moved to a coop and the process is much longer and also had an issue with the condition or my purchase so I delayed the closing until it was resolve. I lived at my grandmother's and put everything in storage for the month.

Buying and Selling Home - Same Time?

We had great luck with this the first time, our buyer was willing to wait a bit which probably isn’t all that common. Second time we gave up and didn’t move. We wanted the perfect house, which we found maybe twice but it didn’t sync up with selling ours. We weren’t willing to move unless the new home checked all our boxes. Now we’ve decided to just stay and upgrade our current house.