I’m sharing three ways you can go about buying and selling at the same time.
There are a few ways you can go about buying and selling at the same time. You can either buy first and then sell, sell first and then buy, or plan a concurrent sale. Before you attempt any of these options, there are some things you need to know.
The first thing you should do is review your finances and get pre-qualified with a lender. This way, you’ll know exactly how much you can afford. Next, you and your agent should determine your equity position by discussing how much you can get for your home. Once you’re ready, here’s what you need to know about each of the buy-and-sell strategies:
- If you buy first, you can search without the pressure of selling and also avoid interim housing. However, you could end up dealing with two mortgages simultaneously and unknown equity.
- If you sell first, you’ll know exactly how much equity you’ll have and can avoid paying two mortgages at the same time. On the other hand, you will need to find interim housing.
- A concurrent sale is possible but requires pre-planning as well as flexibility. Inspections and repairs should be done early for this option.
“You can buy first and then sell, sell first and then buy, or plan a concurrent sale.”
If you have any questions about buying or selling, don’t hesitate to send me an email or call me. I’d love to hear from you and help you in any way I can.
