Buying and selling at the same time – how to handle it?

So, you've decided to pull the old buy-and-sell-at-same-time trick? That's a tough one, just so you know. Ideally, you'd first sell your home, and the patient homebuyers would wait (as much as it's necessary) until you've found your dream home and moved. Of course, the reality is much different. But, there's no room for panic or similar feelings. Since you're here, you might be wondering how to handle the stress of buying and selling at the same time. Just selling your home can be a tough nut to crack. In the article below, we'll show you everything you need to know about the process. As we've mentioned: it's a tricky one, but it's doable. So stay tuned.A professional like Immacolata Giocoli, Licensed Real Estate Broker in NYC Tyler Vincent Real Estate handles many contingent sales. When asked about the risk she replied “ Every sale has risks, you should have experience in contingent sales as well as being able to stack them correctly so no one ends up homeless, I love handling complex Real Estate Transactions” !!

What's the value of your current home? 

Before you do anything else, you'll have to figure out the value of your current home. In other words: for how much you can sell it. How to achieve that? Well, you can ask the local realtors for help. You'll need their assistance, anyway. Avoid asking just one, as they might give you a fairytale-ish approximation (to gain your sympathies). Contacting three real estate agents will do the trick to get an objective opinion and an accurate price. Also, while you have the opportunity, talk to them about some improvements to your home that can add value to it. 

Buy yourself a new home first (what a neat option)

If you have enough serious cash on your hands (for a downpayment), buying a new home before selling your old one is the way to go. To demonstrate you can afford both houses, you'll need to show a six-month worth of payments in the bank for the two of them. Don't forget about closing costs (real estate commissions, etc.), too. Of course, you can always borrow the money. Talk to your potential lender to see what your options are.

After selling the place, rent it back

In this scenario: the first thing on your list should be selling your old home. You can ask the buyers to rent you the home you've just sold for about a month or two (enough for you to find a decent new home and move in) after closing. Folks call this a rent-back contingency. Of course, the new homeowners aren't obligated in any way to accept your offer, but it's worth a shot. This can also be a bit tricky because you'll need to work on a deadline. Not having enough time to act in the right way can lead to all sorts of mistakes. Anyway, once you find a home to your liking, feel free to check out the guys at capitalcitymovers.us to make sure you won't lose much time leaving the home you've already sold to other people.

You can sell your home first and ask the new owners if they'd like to rent you the old place for a month or two after closing. They might not accept your offer, but it's worth a shot.

Alt. text: A hand holding keys to a home. One way you can deal with buying and selling at the same time is to ask the new owners of your old place to rent it out to you until you find your new home.

Ask for a delay

One of the options you have when buying and selling at the same time concerns finding reasonable buyers. If you and your agent are sure the potential buyers will close in on the deal, you might want to ask them if it would be ok to delay the closing time for a few months (until you find your own place). Also, with some professional help, the tedious job of buying the perfect home can be more manageable. You'll have enough time to organize everything, and this is probably the best option you come across. Finding patient and reasonable buys is a gift from above.

Stay with your friends or family

The new owners may not love the idea of a delay (presented in the paragraph above). It can happen; it wouldn't be the first or the last time. Anyway, instead of wasting money on renting an apartment until they buy their new home, some people decide to spend less money by renting a storage unit for their belongings and asking their friends or relatives if it's ok to stay with them for a little while. You'll need good social capital for this one, that's for sure.

And even if you have considerable capital, you will have to work fast to find housing for your family. You don't want to overstay your welcome after all. If you're doing apartment hunting in Brooklyn, for example, and you happen to stumble upon a place perfect for your family - you're in luck. It is pretty competitive there, so move quickly. And then, to ensure your move is also quick and effortless, there are many Brooklyn-based professionals ready to help you. Instead of asking your friends or relatives to help you with the move (they've already done too much by letting you stay at their place), hiring pros to handle your relocation is most recommended.

Contingency clause

You can add a contingency clause when buying your new home (before selling the old one), you can add a contingency clause. That means that you cannot guarantee when you will have the opportunity to seal the deal (it's dependent on the time you'll sell your home). Considering the state of today's market - this might not be a good option. Currently, the supply is far below the demand. That can create many multi-bid situations. Imagine another buyer has the cash to close the deal ASAP; you and your contingency clause probably don't stand a chance. It might sound a bit harsh, but that's the way it is, unfortunately.

Final words

These were some tips on how to handle buying and selling at the same time. Hopefully, you now have some useful information and know what to expect of the process ahead of you. It will be tough; there's no other way of putting it. But (because there's always a but) avoid going into panic mode before anything happens. Who knows? Lady luck might've set her eyes on you, and some of the unlikely scenarios we have mentioned above (buyers letting you stay for as long as you want in your old home, for example) might become a reality for you.

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