It’s a tricky situation; how will the logistics work out? Will you be homeless? What if your house doesn’t sell? AHHH! We hear these questions all the time! Selling your home and buying a new one at the same time can be very stressful. Here are some tips to help you with this situation.
Hire a Professional
You'll want someone who has experience in juggling both deals and working out the timing of the closings. By all means, don’t try to do this yourself! There are so many external circumstances that can change everything in the drop of a hat!
Have a Plan B
Be prepared for having to come up with a temporary living situation or get qualified for the new house without selling the current home. The last thing you want is to have nowhere to go and be homeless! Talk with your agent and lender to discuss the best alternatives in case you need to go that route.
Price Your Home Right
What you don’t need is your current home to just sit on the market while your new home that you have a contingency contract on gets other offers! Be sure to price your home in the market that is attractive to buyers and will cause it to sell quickly.
This is where you put a contract on another house with the entire deal hinging on your current home actually selling. That way, you won’t be in a financial bind if your home doesn’t sell.
Don’t let fear rush you
If your current home is under contract, but you haven’t found the perfect “new” place, don’t let the time crunch rush you into making a bad decision. Be sure you have a fall back place to live and take your time. This is a big decision and you don’t want to regret the place you end up buying!
Certainly, buying and selling a home simultaneously can be stressful-carefully considering and planning for risks and hurdles can mitigate the stress. Feel free to give us a call if you have any questions! We're here to help!