How Do I Sell and Buy at The Same Time?

Want to know how to sell and buy at the same time? If you’re looking to move on from your current home, you might be wondering how to time the transition between the sale and purchase. 

Do you sell your old home first, and then focus on buying your new one? Or do you buy first and worry about selling after? Either way can leave you facing a tough situation if the sale or purchase unexpectedly falls through.

In this post, our real estate experts at Your Home Sold Guaranteed Realty - Phil Aitken Home Team will answer some common questions related to buying and selling a home at the same time.

How Do I Sell and Buy at the Same Time?

Selling and buying a home at the same time can be a complex process, but with careful planning and coordination, it can be successfully managed. The first step you should take is to evaluate your financial situation. Make sure you have enough money to invest in preparing your current home for sale, cover closing costs, and afford the down payment on your new home.

Then, hire an experienced realtor. A realtor can advise you on how to time your sale and purchase so that both processes work smoothly. They’ll help you create an effective plan and guide you through both transactions. In particular, look for a realtor who can offer a guarantee to protect your interests during the home sale.

Let your realtor know about your desired closing date for the sale and when you would like to move into your next home. Your realtor will work closely with you to coordinate the timelines for your sale and purchase.

As you start looking at new homes and making offers, consider adding contingency clauses that make the purchase of your new home dependent on the successful sale of your current home. This provides some protection if one of the transactions encounters unexpected challenges.

Throughout the process, maintain open communication with your real estate agent, stay organized, and be prepared for unexpected delays or changes. 

Is it Cheaper to Sell and Buy at the Same Time?

Whether buying and selling a house at the same time is cheaper for you depends on your financial situation, real estate market conditions, the sale price of your home, and the purchase price of your new property.

Consulting with real estate professionals and financial experts can provide valuable insights and guidance in this process.

Can You Buy and Sell in the Same Year?

Yes, you can buy and sell a home in the same year. You can sell your current home whenever you want– as soon as right after purchasing it or years later. However, it’s recommended to keep your home for at least a couple of years before selling to build up equity. 

What Happens to Your Mortgage When You Sell Your House and Buy Another?

When you sell a house and buy another, you’ll need to use the proceeds from the home sale to pay off your mortgage. In some cases, you may be able to transfer your existing mortgage to the new property. However, you’ll need the lender’s approval and not every loan meets the requirements.

Can I Buy Another House Before Selling?

Yes, you can buy another house before selling your other one. Consider using a bridge loan to help finance the down payment and closing costs of your new home. Bridge loans free up equity in your current home so you can put the money towards your next one. However, the main drawback is they come with higher interest rates.

Our Team Can Help You Sell and Buy in Jacksonville, Florida

If you want to sell and buy at the same time, you’ll need an experienced realtor. Your Home Sold Guaranteed Realty - Phil Aitken Home Team has been helping homeowners in Jacksonville navigate the transition between selling and buying for years. 

We make it easy to navigate the home-selling and buying processes with our Guaranteed Sale Program, which ensures your home will sell by your desired time frame– no matter what. If it doesn’t sell to a buyer, our team will buy it ourselves for an agreed-upon price. 

Over the years, we’ve received many five-star reviews from clients satisfied with our guarantees, high-quality customer service, and in-depth knowledge of the housing market.

To learn more about our guarantees or work with our real estate team, call (904) 544-5252. You can also fill out the form on this page.