Real Estate Matters
Each real estate transaction comes with its own set of challenges, but buying and selling a home at the same time compounds these challenges.
The addition of time constraints and another set of buyers and sellers increases the need for appropriate expectations, patience and perseverance. Proper planning and preparation are the key elements to a successful conclusion for both transactions.
Planning ahead for your back-to-back sale and purchase
You have heard people say, “The destination is not as important as the journey.” However, in the case of buying and selling a home at the same time, the opposite is often true. Keep the end goal in sight while detaching a bit from daily ups and downs. There will be bumps; the less you fixate on them, the better.
Building a strong team and communicating early and often with every member is the best way to keep both transactions on track.
Working along with your real estate agent
Your agent is your guide. Be crystal clear about your timeline and needs. If you’re relocating out of the area or out of state, let your local agent connect you with a trusted colleague in the new market. Close coordination between the two agents is essential for smooth timing.
Right pricing of your current home
You want top dollar and a fast sale. The smartest strategy is to price right from the start rather than overpricing and waiting for offers. Buyers search in $25,000–$50,000 increments. Listing at or just under a major price threshold creates more showings, more competition and often a final sale price at or above what an overpriced listing would have achieved. Work closely with your agent to find the sweet spot that sparks excitement.
Searching for your new home
With your current home under contract, time is no longer on your side. You may need to tour more houses, widen your search criteria, or be more flexible on closing dates. If your dream home is new construction or not yet available, consider a short-term rental to give yourself breathing room.
Working with your lender
Financing is the make-or-break piece. Talk early with your lender about whether you can carry two mortgages briefly or must sell first to fund the purchase. Bridge loans and “buy-before-you-sell” programs can unlock your current equity so you can make a strong offer, but they carry risk if your sale falls through. Discuss every scenario and your comfort level so you choose the safest path for your situation.
Working with your title company
When possible, use the same title company for both closings – it simplifies wiring funds and paperwork. Many companies now offer remote or mail-away closings with mobile notaries for added convenience.
Working with your movers
A simultaneous move rarely means one truck, one day. You may need temporary storage, split deliveries, or two separate move dates. Give your moving company plenty of notice so they can create the most efficient and affordable plan.
Short-term lease options
Same-day closings do happen, but they require perfect alignment from everyone involved. Always have a Plan B. A furnished month-to-month rental or short-term apartment can save the day if one closing is delayed.
Rent back your current home
One of the cleanest solutions is negotiating a rent-back (also called a use-and-occupancy agreement) with your buyers. This lets you remain in the home you just sold – sometimes for days, sometimes for months – while you wait for your new home to be ready. Buyers are often willing, especially if you cover their mortgage carrying costs.
The goal is to make buying and selling at the same time a successful, seamless move based on your individual wants and needs. With the right team, realistic pricing, solid financing and a few backup plans, what feels impossible today can become one of the smoothest transitions of your life.
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
