If you plan to buy and sell a home at the same time, there are several steps you can take to ensure a more enjoyable experience. While you can’t always predict everything that will happen during both transactions, having valuable knowledge and pre-planning can make a huge difference. Check out our ultimate guide to buying and selling a house at the same time!
Step 1: Find a Trustworthy Real Estate Team to Help With Both Transactions
When you buy and sell a home at the same time, having an expert team of real estate professionals, like the Spectrum Real Estate Consultants Team, on your side is the first key to success. Here are a few things to ask when interviewing agents:
- Do you specialize in helping clients buy and sell a home at the same time?
- How many clients have you assisted with similar transitions in the last year?
- What challenges do you typically face when a client buys and sells simultaneously?
- How much of the planning and process do you help with?
- What’s the most important thing to make this transaction successful?
Step 2: Prepare Current House for Market | Get Pre-Approved to Go Shopping
When selling your home, your real estate specialist will help you with pricing and suggest ways to get top-dollar for your home. You’ll begin decluttering, deep cleaning, and tackling necessary repairs. You may request staging advice, so your home looks its best for photos and future showings. At this time, you will also get pre-approved for your new mortgage so you can begin shopping.
Step 3: List Your House for Sale | Determine Criteria for Next Home and Start Searching
During Step 3, your real estate specialist will list your home in the Multiple Listing Service (MLS), which syndicates to thousands of websites and runs professionally-driven email marketing campaigns to keep your home in front of buyers.
Your real estate specialist will also help you find properties that best fit your future needs and wants. You’ll explore your options, visiting different homes and neighborhoods and getting a feel for the current market. Don’t be afraid to ask questions during this process, and take time to enjoy your home shopping experience!
Step 4: Start Making and Receiving Offers | Sign Purchase and Sale Agreement
Your agent will continue strategically marketing your property and setting up private showings where prospective buyers will be “wowed.” You’ll discuss feedback received about the property and work together to negotiate an offer for top-dollar on your home.
During this time, you will review and consider all incoming offers. You can accept an offer “as-is,” negotiate for more favorable terms or decline the offer. If you accept, you will sign a purchase and sale agreement, meaning you will be “under contract” on your sale.
As your home makes its way to buyers, you’ll begin putting in strategic offers on properties you love. Don’t worry: Your real estate specialist will guide you through the process and ensure you stand out!
Once your offer is negotiated and accepted, you will sign a purchase and sale agreement with the seller, just like you will with the buyer of your property. This legally-binding contract will include the purchase price, target closing date, and other essential details.
The buyer of your property will likely have a home inspection completed within 10-14 days after signing the contract. You should plan to be out of your current home during this inspection, which generally takes about 2-3 hours. You’ll likely have a home inspection for your purchase, which your real estate specialist will help you schedule and coordinate.
Step 6: Negotiate the Inspections, Repairs, and Concessions
Based on your buyer’s inspection findings, you will be notified if they have any requests. If they ask for home repairs or contract changes, you can accept, negotiate, or reject their request.
After your future home inspection is completed, your real estate specialist will assist in negotiating any findings that you feel should be addressed before closing and moving in.
Step 7: Appraisals and Mortgage Applications
Once you are past the inspections on your new home, it is time to work with your mortgage lender and get your application submitted for your mortgage. Your lender can answer any questions you have during this time and will let you know what documents they need from you.
Your mortgage lender will order an appraisal on your future home. This report is completed to confirm the home’s fair market value and is required to complete your mortgage approval. If your home’s buyer uses a mortgage to purchase the property, their lender will also request an appraisal.
Step 8: Title Searches and Financing Cleared
Your buyer’s closing attorney will complete a title search to ensure no unwanted surprises can keep the sale from proceeding. Around this time, your closing attorney will do the same for your new home. The goal is for you to be “cleared to close” with title searches and financing – you’re almost there!
Step 9: Coordinate the Closing Date and Other Details for Both Transactions
Your real estate specialist will help coordinate final walk-throughs, the closing date and time, and any last-minute details. Unless negotiated otherwise, each home will be empty and ready for its new owners on closing day. The final walkthrough lets you (and your buyer) take one last look at each property, ensuring both are in the agreed-upon conditions.
Step 10: Sign Closing Documents and Exchange Keys
On this day, you will bring a valid ID and meet with your attorney to review and sign all loan documents and sale paperwork. After signing the documents, the transactions will be recorded, making everything “official.” You will give your buyer the keys to your old home while accepting the keys to your new home.
Congratulations! You did it – you were able to buy and sell a home at the same time!
By working with a knowledgeable real estate team, you can avoid the unnecessary stress many people incur when they buy and sell a home at the same time. And fortunately, we have just the team for you – our group of real estate specialists will have your back from the start! Do you have questions about buying and selling a home simultaneously? Don’t hesitate to reach out to us today for a free consultation. We can’t wait to hear from you!