TIP TUESDAY: BUYING & SELLING
When you own your home and are thinking of making a move to a more appropriate space, a big question that comes up is about the logistics of simultaneously buying and selling. Let’s talk about options so you can be well prepared.
The process of buying or selling from accepted offer all the way to closing day is usually about 45 days or 6 weeks. This does have some wiggle room in case you need to adjust according to your moving needs, but it’s a good thing to keep in mind when you’re thinking of buying and selling in one fell swoop. This should give you enough time to hammer out the details of both transactions.
Contingencies are a huge ease of mind as well. If you find a home before your home is under contract, you can write an offer contingent on your current home selling. If your home gets an offer before you find a new home, you can respond to the offer with the sale being contingent on you finding suitable housing. This is a common practice that will help you avoid paying two mortgages or having to move out of your home before you have a new one to move into. However, if you are putting in an offer without your current home under contract, you should be aware that this contingent offer is not as competitive as it would be if your home were to be under contract. A good idea for you as a seller is to at least have your home on the market before you put in an offer on another home so that you can convey your serious efforts to sell.
Finally, a perk of having an agent is our ability and willingness to help you negotiate any final details into the deal in case you need to nudge possession day a bit to accommodate a move with either your buyer or the seller you’re buying from.
With these aspects of the process in mind, I hope you feel a little relief about the sometimes-overwhelming prospect of buying and selling simultaneously. As always: the more you know the better off you’ll be, and we are here to help smooth the transition as much as possible!