My New Outside Blog: How To Buy And Sell A Home At The Same Time

How To Buy And Sell A Home At The Same Time

How To Buy And Sell A Home At The Same Time

How to buy and sell a home at the same time can present a maze of options for you to consider How to buy and sell a home at the same timeand the strategy you finally decide on could affect a successful outcome and your bottom line.  Because of the improving real estate market here in Huntsville Alabama and other areas of the country you may be thinking this is the time to sell your home and buy a new one and in my opinion you would be correct.  However, there are many things to consider; home sale contingencies, yours and the buyers mortgage qualifications, early occupancy requests, identification of new home, rent back options, possible dual mortgages, appraisals, etc.  All of these and more can affect negotiations and buyers & sellers ability to perform in a timely manor.

Before plunging into the listing and sale of your home a good option would be to take some time to speak with a local real estate professional, like me, to explain the pitfalls you may face and make sure you understand the different contingencies and obstacles before you and better prepare you about how to buy and sell a home at the same time.

Even after a home selling strategy or plan has been developed, there will still be more decisions to be made as the actual course of the transaction changes.  Knowing the local housing market trends and surrounding neighborhood statistics will no doubt give you more confidence and a higher comfort level during the process, it will also supply you with needed stats giving you approximate proceed estimates.  Depending on your financial health you may be able to purchase a home before you sell or you may need to wait until your current home has closed, so the possibility could exist that you would need to carry two mortgages for a time and a lender for your future home will take that into account.

If you are relocating to another area or state you should research your new area for real estate professionals, ask friends, neighbors or family for referral.  You could also ask me as I know agents in just about every state and a number of lenders & loan officers as well.  Different areas require a variety of home buying and selling strategies so get with a local expert.

Begin your new home search with your Huntsville Real Estate Resource

Nick T Pappas

If you need a knowledgeable real estate professional in Madison or Huntsville Alabama area, why don't you let me Google that for you! I also know outstanding agents in all states and Canada should you need help relocating to a new area.

 

Serving: Anslee FarmsBell Tower, Bishop Farms, Bradford Farms, BridgefieldCanebrakeChase Shadow, Cherokee Ridge, Clifts Cove, Edgewater, Emerald Forest Condo, Foxfield, Greystone Estates, Hampton Cove, Harvest, Highland Lakes, Jones Valley Estates, Kelly Plantation, Knox Creek, Lake ForestLedges of Huntsville Mountain, Mandolin, Maxwell Place, MidTowne on the Park, Newby Plantation, Olde Cobblestone, Overland Trace, Pebble Brook, Rainbow Landing, Rock Creek, Shadow Brook, Spencer Green, Stavemill Estates, The Bridges on the River, The Villas at Madison, Towne Lakes, Villas at Jones Valley, Walden Preserve, West Highlands, Whitehall, Village of Providence and more.


Comment balloon 20 commentsNick T Pappas • May 22 2014 07:03AM

Comments

I am juggling a few of these right now!  No stress involved. <lies!>  It takes skill and planning, that's for sure!

Posted by Chris Griffith, Bonita Springs Listing Agent (Downing-Frye Realty, Bonita Springs, FL) over 3 years ago

Nick

This is certainly a timely topic given the market. Many people are not in a position to buy a new home before they sell, and trying to corodinate the 2 can be a big undertaking. There are lots of issues to consider, and one has to have a contingency plan in case things to not work out quite the way you want. As you said, talking to a knowledgeable real estate professional is key.

A big challenge, at least in our market but my guess is yours too, is not being able to make a contingency offer on a new place becuase of the competition.

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) over 3 years ago

Hi Nick,   great advice for both situations...Thanks for sharing with us.

Posted by Ronald DiLalla, No. Orange Cty Real Estate (Century 21 Discovery DRE 01813824) over 3 years ago

Thoughtful and wise post...buying and selling, all at the same moment, does require prudent thought.  

Posted by Li Read, Caring expertise...knowledge for you! (Sea to Sky Premier Properties (Salt Spring)) over 3 years ago

Great information, thanks for sharing.

Have a Big day,

Randy

Posted by Randy Shamburger, FHA, VA, USDA and Conventional Mortgage Expert (Movement Mortgage) over 3 years ago

Having more than 3-4 of these transactions with tight time constraints or contingencies can be a little nerve wracking. And yes, many sellers are reluctant to accept a home sale contingency.

Posted by Nick T Pappas, Madison & Huntsville Alabama Real Estate Resource (Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Huntsville AL) over 3 years ago

Nick, great post and working with relocating buyers does take good communication between agents in both states.    It can be done and done smoothly!

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) over 3 years ago

Nick, great advice.  This situation can be challenging; but if done correctly with all parties involved communicating, it can be done smoothly.  Thanks so much for sharing!

Posted by Diana White-Pettis, GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale (Exit Bennett Realty ) over 3 years ago

I'm juggling a couple of these myself Nick.  SUGGESTED.

Posted by John McCormack, AlbuquerqueHomes.com, Albuquerque Homes Realty (Albuquerque Homes Realty * www.AlbuquerqueHomes.com) over 3 years ago

Nick you provided good advice in this blog, and it is especially tricky when trying to purchase a house and the existing house is not selling.  Obtaining a mortgage can be difficult in that situation.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 3 years ago

Nick dealing with a client that is moving up, or down is stressful and requires a well laid out plan. Knowing the market and working with a qualified local professional is the only way to achieve success.

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) over 3 years ago

Nick this is such an excellent post, it has a lot of good nuggets in it. Sellers do not realize what a challenge doing a Sale-Purchase without an excellent plan!, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) over 3 years ago

Good morning Nick. This happens all the time and always needs to be handled with care and lots of communication. Your post was very well written, as you understand the issues very well.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) over 3 years ago

Good Morning Nick: There are so many variables to contend with when buying and selling a home simultaneously. Someone in this predicament should consider getting invaluable expert advice from a professional like you.

Posted by Maria Gilda Racelis, Home Ownership is w/in Reach. We Make it Happen! (Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington) over 3 years ago

Great advice, Nick.  This is where an experienced agent, like you, becomes invaluable.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 3 years ago

I enjoyed reading this. Thank you for sharing your thoughts. Have a great Friday!

Posted by A. J. Zaki, Home Finder In Florida (REMAX Realty Pros) over 3 years ago

It all can get even scarier when buyer and seller are packed and have movers waiting in front of their new homes...if anything goes wrong with the current other transactions there could well be some temporarily homeless people.

Posted by Nick T Pappas, Madison & Huntsville Alabama Real Estate Resource (Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Huntsville AL) over 3 years ago

Hi, Nick...this is a great post for those in the position of having to buy and sell at the same time. You've offered some great advice. 

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) over 3 years ago

NICK!  Just because you want it to be easy will not make it so...actually listing is the easy part, sellers who are also buyers definitely need to work with someone who knows the ropee...like YOU!

Posted by Marie Graham, Westchester County Interior Decorator, Home Stager (Owner, The Refreshed Home White Plains NY) over 3 years ago

This can be a tricky thing. Good advice from an experienced agent will be very helpful when trying to make a move without packing twice.

Posted by Georgie Hunter R(S) 58089, Maui Real Estate sales and lifestyle info (Hawai'i Life Real Estate Brokers) 9 months ago

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