Simultaneously Buying and Selling Homes

Selling a home, especially in today's shifting market, can leave sellers feeling a bit unnerved when thinking about the For Sale sign going in the yard. It is even more intense for those who decide to simultaneously sell and buy. Anyone who has done it can attest the process can send even the savviest of homeowners into a whirlwind of exhilarating highs and frustrating lows.

Many people underestimate the emotional overload of selling one home and buying at the same time. That sense of uncertainty is basically doubled for those who simultaneously buy and sell. The only antidote is to spend some time planning for contingencies and to set realistic expectations.

For most, success means moving seamlessly from one residence to another without the hassle of living in temporary housing or the expense of paying two mortgages. It is notable that only about two-thirds of homeowners can carry it off, and that is why setting expectations ahead of time is important for managing stress.

Here are some simple things to smooth the process.

1. Begin by getting the accurate value of your house.
2. Engage a REALTOR early to get a sense for how quickly similar homes in your neighborhood have been selling in order to plan your move into the new home.
3. Invest in a home inspection (and repairs) before putting your house on the market to save time and hassle. Any surprises about the state of your house could complicate or delay your closing.
4. Consider requiring buyers to show proof of mortgage pre-approval (not just pre-qualification) with their offers. That way, if the buyer cannot perform, you have not wasted time.
5. Get the buyer of your old house and the seller of your new house to commit in writing to dates and stick to them.

These steps can increase the odds of closing and buying without a significant lapse in time.