Buying and Selling a Home at the Same Time: What You Need to Know

Thinking about selling your current home while buying a new one? It’s a balancing act that requires careful planning, expert guidance, and a bit of strategy. While it’s possible to align both transactions seamlessly, timing doesn’t always work out perfectly—but that doesn’t mean it can’t be done!

Key Considerations When Buying and Selling at the Same Time

1. Managing Finances & Equity

If your down payment for the new home depends on selling your current one, you’ll need to explore financing options. Some solutions include:

• Bridge loans – Temporary financing to cover the gap.
• Home equity line of credit (HELOC) – Access funds from your home’s equity before selling.
• Cash-out refinance – Refinance your current mortgage to pull out equity.

Keep in mind that some loan types, like FHA and VA, have restrictions on carrying multiple mortgages. Working with a lender early in the process will help you understand your best options.

2. Competing With Non-Contingent Offers

Making an offer contingent on selling your home can sometimes put you at a disadvantage, especially in a competitive market. Non-contingent buyers may be more attractive to sellers, so it’s important to have a strong strategy. This might include:

• Pricing your current home competitively for a faster sale.
• Considering a temporary rental or leaseback option if needed.
• Exploring alternative financing to avoid a sale contingency.

3. Timing & Logistics

Selling and buying simultaneously means double the paperwork, negotiations, and moving coordination. To reduce stress:

• Work with an experienced real estate agent to align closing dates.
• Have a backup plan in case one transaction moves faster than the other.
• Stay flexible with temporary housing options if needed.

Assess Your Financial Readiness

Before diving in, ask yourself:
✔️ Do I have enough savings for a down payment if my current home doesn’t sell immediately?
✔️ Can I manage two mortgages if needed?
✔️ Have I consulted with a lender to understand my loan options?

Why Working With a Realtor Matters

Navigating two major transactions at once can be overwhelming, but you don’t have to do it alone. A knowledgeable real estate agent will:
✔️ Help price and market your home for a successful sale.
✔️ Negotiate strategically to protect your interests.
✔️ Coordinate timelines to ensure a smooth transition.

If you’re ready to take the next step, let’s create a plan that works for you! Contact me today for a free consultation.