This month, I am sharing some helpful tips to keep in mind if you are planning on simultaneously buying a home while selling your current home. Working with a trusted, experienced agent like me is key. I will help guide you along the way and ensure both transactions go smoothly so you are less likely to end up with double mortgage payments and/or no place to live while you wait for your new house to close.

When it comes to buying a new home at the same time you sell your current home, planning and strategies are key and timing is critical. Everything must fall into place at the right moment.

Make necessary repairs or improvements to prepare your current home for the market.
List your home with a real estate agent.
Determine how you will fund the down payment, such as drawing from your current HELOC, retirement funds, savings, or a bridge loan.
Get pre-approved for a new mortgage so it's already in place when you find a home.
Have a contingency plan in case you can’t find a new home before the sale of your current home closes (e.g. live with family or friends, rent back from new owners, or rent temporary housing).
If possible, coordinate the timing of the closings of both houses.

Often, you can close on your old home just prior to closing on your new home. If this isn't possible, you will need to have a plan in place for that time gap. Working closely with an experienced real estate agent will help you protect your interests and make the process go smoother.

Remember, I am always here to answer any other questions you may have about real estate, such as the current state of the market and current mortgage trends. Please feel free to reach out to me at any time! You can contact me here.

Tips on Buying and Selling a Home at the Same Time