Trying to sell one home while you are also trying to buy another can be overwhelming. There is a lot of paperwork on both ends of both processes, and keeping the entire situation straight can be difficult. Many homeowners fear selling their old house to quickly, before they have chosen or closed on a new house, leaving them homeless while they try to secure a new home. Before you get in too deep with either process, here are some tips to make buying and selling at the same time easier:
- Start strong. You will want to start by picking the right real estate agent. This should be someone who advocates for you in both the selling and the buying process. Having one agent in charge of both sides means it is less likely that you will end up without a home or paying for two homes at the same time.
- Don’t be afraid to negotiate your closing date. If you are both selling and buying a house at the same time, don’t be afraid to negotiate with both the person buying your home and the person selling the home you want to buy when it comes to closing dates. Extending the closing date by an extra forty-five or even sixty days can give you more time to find a new home and move out of the old one.
- Consider short term housing. If you have found a buyer for your home, but you haven’t yet found a new house that you want to buy, consider the possibility of moving into short-term housing in the interim. This might not be the most ideal situation, but it is a good alternative to having to reject a home buyer simply because they cannot give you enough time to find a new house to purchase.
- Ask about your financing options. One of the biggest obstacles of selling and buying a house at the same time is the finances. Many lenders will require you to sell your current home before they will approve financing for a new home. If you can get a loan for your new home before you have sold the old home, you might need to look in to short-term loans to help you cover all of your costs.