How do you buy and sell a house at the same time?

This is not something we will be doing in the immediate future, but hopefully in another couple of years. Its totally premature to be asking, but how the heck do you do this?
Do you list your house first and then start looking when you are in contract?
Do you start looking first?
Or do you do both at the same time and pray that everything works out?

Re: How do you buy and sell a house at the same time?

that is a great question...i know people who have done it all different ways...buying was stressful enough for us while we were just renting - and we were renting from family! it must be a lot more stressful doing both at the same time..

Re: How do you buy and sell a house at the same time?

I'm pretty sure you go into contract with your house first, so you know those funds are going to be available to purchase your new house.

You don't want to be stuck with 2 mortgages.

Re: How do you buy and sell a house at the same time?

It probably depends on the market. I would say in a buyer's market you would sell first, since that is presumably the harder thing to do. In a seller's market, I would think you'd start looking first.

I once spoke to someone who closed on their sale in the morning and their purchase in the afternoon. They are lucky it was so seamless but I cannot imagine the stress in trying to time that.

When we bought and sold we just sold first knowing we would stay with my mom in between. While it was a hassle to put our furniture in storage and move it twice, it was worth it because at least we knew what the plan was and could take our time through both processes.

Re: How do you buy and sell a house at the same time?

IL's just did this. They waited until their house that they were selling went to contract. They needed to know how much they were going to get ($$) and a general idea as to when they would be getting it... So, once they went to contract they started looking like crazy. They found a place and it was pretty quick -- they coordinated the two closing dates and that was that. It was tricky getting all parties to agree but it worked out fine.

Re: How do you buy and sell a house at the same time?

I am doing this now. We put our place on the market and started looking about the same time. We are working on getting in contract with our current place right now and stalling the lawyers a little on the house we want, but contracts are being sent out. Purchasing the house it contingent upon the money from selling so we want the sale to move faster than the house.

It's STRESSFUL!! We actually had a buyer on our place and moved forward on a house UNTIL the buyer backed out which forced us to back out.

If you need the money from a sale I would say make sure you are in contract on the sale first, just for security.