You can definitely sell and buy a house at the same time… it just takes a lot of planning! So here are some tips for anyone who may be in this situation.
First thing you want to do is get pre-approved from the mortgage from a lender. You roughly have an idea on the kind of profit you will make from selling your current house, and what you can put down for your next property. The lender can tell you what kind of loan options are available: how much do you have to put down, what would the interest rate be, how much your payments are going to be.
Get your house ready to go on the market. Things you need to do to your house to look ready for a showing. Pack up the things you aren’t going to need, maybe put it into storage. There are plenty of variables that are outside of your control when trying to sell, but among the few factors you can influence is how your house looks and functions. Before listing, invest the time and effort into making
Hire a competent realtor to help you. This person will be able to tell what you house should sell for. Trust a professional to get your house up on the market.
Wait if you’ve got offers coming in. If they offer to close in 30 days that’s great. But you may want to counter back to get more time before the close. If you still need to find a place to go, give yourself more time for you to go and find your new property, then ideally you could close on both houses close to the same date.
Some common mistakes people make when buying and selling at the same time include:
Waiting too long to list their house
They don’t get pre-approved
Not realizing that their home COULD sell for less than they want
Failing to compromise
Using two different real estate agents - complicated
Close in the morning or on a Friday