It’s possible to efficiently buy and sell two homes concurrently.
How do you buy and sell at the same time? There are a few different ways to go about this. You could buy first and then sell, sell first and then buy, or do a concurrent sale. Here’s what that process looks like.
The first thing you should do is review your finances and get pre-approved with a local lender. Then we can determine how much your current home will sell for and how much you’ll be able to afford.
If you choose to buy first, you can search without the pressure of needing to sell. You also won’t need to find interim housing. The cons with this method are that you’ll have to pay two mortgages at the same time and we won’t have an exact figure for your equity until you sell.
"To buy and sell at the same time, a lot of preplanning needs to be done."
If you decide to sell first, you’ll know exactly how much equity you have and you won’t have to pay two mortgages, but you will have to find interim housing or negotiate a leaseback.
To buy and sell at the same time via a concurrent sale, a lot of preplanning needs to be done beforehand, but you can avoid the cons of both the other methods. Make sure the inspections and appraisals are done in advance so all the dates can line up.
If you have any questions about real estate matters, or if you’re looking to buy or sell a home, please reach out to me.