Buying and Selling Real Estate Simultaneously - The Cyr Team

Buying and Selling a Home at the Same Time?

Here Are 5 Real Estate Tips to Help You Manage Your Move.

Having worked with a lot of home buyers and sellers over the years, we understand that moving is always a stressful time in someone’s life. It’s even more daunting when you have children and pets. One of our most important jobs as real estate agents is helping our clients manage this transition from one house to another. We have to be part puzzle-solver, part coach, part negotiator and part therapist to make sure all the pieces fall into place for a smooth move.

Most people are concerned about the logistics of buying one house as you are selling another. There are so many steps that need to happen and things that need to go right for any real estate transaction to be finalized. The buyer, seller, agents and lender all have to agree on the acceptable terms of a sale. Then you have home inspections and contingencies that can complicate matters even further. These are reasons why it makes sense to hire a Realtor® you can trust to guide you through the complexities of this process (see our most recent blog article on that particular subject).

In a perfect world, you will have the means to buy your new home before you even put your current house on the market. This gives you ample time to get the new property ready for move-in (repairs, upgrades, painting, interior design, etc.) while you are preparing your old house for sale. The only real stress associated with this situation is financial. You will be paying two mortgages until your existing house sells. Otherwise, the transition from one home to another will be a breeze when you have time to deal with everything.

We realize not every one of our clients is in a position to afford this perfect world scenario, so we have put together these helpful tips to manage this tricky transition:

1. Don’t Sell Before You Have a Place to Live

This is especially true in today’s low housing inventory market. You never want to sell your house without knowing where you are going to live. Buying one home as you are selling another is all about timing. You may have some overlap in your mortgage payments, but you can minimize that with good planning and negotiations on the buying and selling transactions that will be happening pretty much simultaneously.

2. Remember You Are Not Alone

Remember you are not the only one involved in these real estate transactions. You also have the buyer for your home and the seller that you are buying from, and they are dealing with their own moves. Ultimately, several parties (buyers, sellers, lenders and real estate agents) all have to agree on a settlement date and work together to make it happen. It’s delicate chain and one issue can ripple outward to affect multiple parties. However, we are all humans here working toward the same goal of a successful home sale. Clear communication and constructive negotiations will help everything work out for everyone in the end.

3. Understand Your Contingency Options

Contingencies are a big part of the real estate business. One thing is almost always dependent on the other. You can make “sale contingent” offers on homes you are trying to buy (meaning your offer to buy is contingent on your own house sale), but remember they will generally be less attractive to sellers. Understand how various contingencies work and what your options are as a buyer and/or seller. There are very few things a seller can do to pull out of a transaction once a home sale is in process, so the buyer (and their lender, of course) generally will have the most power.

4. Have a Good Plan in Place

The more prepared you are and the better plan you have, the better off you will be during a move. The worst thing you can do is panic and cause major problems for everyone else involved. Control the things you can control and be prepared for anything that can come up. Stay focused on the things that are most important to you and your family for a successful move, and you’ll be amazed at how well the pieces start to fall in place.

5. Hire a Good Real Estate Professional

When it comes to something as complex as buying one home as you are selling another, you should never have to go it alone. A knowledgeable and experienced real estate agent will be able to guide you through this transition because they’ve done it many times before. A Realtor® will be able to help you develop your plan, identify and reduce risks, review your contingency options and negotiate on your behalf with all other parties.

We like to try and think through every possible ripple to prevent rash decisions and reduce every risk that we can control. This means every adjustment that needs to be made along the way will have as little impact as possible for all parties involved. Almost every real estate transaction has some complications along the way. Success is all about how you handle them.

The Cyr Team works with home buyers and sellers throughout Southeastern Pennsylvania, Northern Delaware and Southwestern New Jersey. If you are looking to buy a home and/or sell your current home, Vincent, Jane and our team are here to help you make the most of your move. Contact The Cyr Team today!

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