Avoid These Mistakes When Buying and Selling at the Same Time

It’s a tricky process, but it can definitely be done!

By Mike Hall, Broker/Agent/Owner

Signing papers

Buying and selling at the same time can be crazy!

It’s pretty common to be selling your house while simultaneously buying another house, but that doesn’t mean it’s not stressful! But we’re here to help you navigate that process.

Here are eight mistakes to avoid when buying and selling homes at the same time.

  1. Don’t wait until the last minute to prep your house. Make sure all the little projects and fixes are done, so you’re not scrambling to list it when you’re ready to make an offer on another house.
  2. Make sure you have a back-up plan! The chances are very slim that everything will perfectly align on the exact same day for signing and moving. Have a plan for temporary housing or storage.
  3. Know your budget. Don’t assume what kind of house you’ll be able to buy until you get a solid new pre-approval for the new house.
  4. Include plenty of cushion. While your house might sell well, this crazy market means that the houses you are looking for will also go quickly for high prices. Plan for the margin!
  5. Compromise! This market is stressful for everyone. Look for ways to be flexible with both the buyers and sellers.
  6. Use the same agent. Don’t try to juggle one agent for selling and another for buying. Use one trusted agent (or at the very least, the same team) to help walk you through the tricky process.
  7. Try not to close on a Friday. Try to schedule a few days between the close of your old home and the purchase of your new one, and avoid Fridays if you can to help give time for the bank transfers to go through.
  8. Close earlier in the day. For the same reason as above, try to schedule earlier in the day to give your bank the margin it needs to turn money around quickly!

[Source: realtor.com]

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