Buying and Selling at the Same Time: How to Do It

In one sense, it is pretty bizarre that we speak of buyers and sellers when we discuss the property market and its never-ending ups and downs. Far more common than being a buyer or a seller is being both at once! When people sell their home, they naturally need a new one. 

The first thing to note though is that buying and selling are usually done near-simultaneously, but not at exactly the same time. Any given buyer or seller will normally do one of the two first, closely followed by the other. This is typically what designates them as either a “buyer” or a “seller”. However, there is nearly always an overlap in the processes. 

You don’t only begin to think about buying a new home when a new owner has fully moved into your old one. Similarly, you do not only begin to think about selling your old home when you have fully moved into the new one. So, the two overlap and are indeed two processes filled with stress and expense. 

Buying or Selling First 

So, you’ll almost certainly have to choose one of the two to do first. CityHome Collective, a real estate brokerage out of Salt Lake City, Utah, advise that the best way to go about this depends on several market factors, some of which can be very specific to your particular situation. Accordingly, we cannot really tell you which of the two to go for first – but a professional realtor can. 

Instead, the best tactic is to consider the general advantages of both selling and buying first, and how each of these will affect how you go about doing either. Beginning with either comes with a range of general tips. We start with some buying tips: 

Request an Extended Closing 

It is usually the case that you sell your old place before moving into the new, so based on this you should request an extended closing period (typically sixty or so days) which will allow you time to get your home listed and to give the buyers time to move in. Everyone buying is in more or less the same position, so this is not at all an unreasonable demand. 

Make Your Offer Contingent on the Sale of Your Old Home 

This is also not an unreasonable or uncommon demand, as it represents nothing short of not being saddled with two mortgages (something few people can manage). It should be noted, however, that you will not always get this, and it depends very much on the competition for the new place. Nevertheless, if every buyer coming in to view your desired property is in this position, then you’ll probably be granted this. 

Now for some selling tips:

Move into Temporary Housing 

Almost certainly you won’t have a new place when your home is actually on the market – and you cannot just suddenly move in somewhere once it sells. You can though rent a place or stay with someone almost immediately. Hotels, family and friends, and short-lease rental properties make for good temporary accommodation in which to live as you search the market for a new home. 

Be Ready to Buy 

Once you’ve sold your home and begin paying the rent on temporary accommodation, it’s important that you get moving quickly in order to prevent expenses mounting. Therefore, you should have everything ready to move, commitments severed, and everything with the bank sorted out before you make the sale. 

Ultimately, buying and selling simultaneously is all about being ready to act fast and to make the transition as quickly as possible. Get all of that in order, and you won’t go far wrong.