SELLING Your CURRENT House and BUYING a NEW Home at the SAME TIME
Selling a home? Huge deal. Buying a home? Also, a huge deal. But doing both at the same time?! Now that can feel like juggling with fire! But don’t panic—I’ve helped so many clients successfully navigate this tricky process, and today, I’m breaking it all down for you. By the end of this video, you’ll know exactly how to sell your home without getting stuck, how to buy your next home stress-free, and how to time everything just right! Have you ever thought about buying and selling at the same time?
PART 1: Selling Your Home First
Preparing Your Home to Sell. If you are looking to buy and sell it is so important that you focus on selling your home first. If you find the home first then you are highly motivated to sell and you have to price your home aggressively to sell quickly and of course you are not as strong of a buyer you’re home isn’t under contract. Some sellers will not want to accept an offer contingent upon a home that isn’t on the market or under contract. If you haven’t already found a home you love then you will not be in a rush to sell. This makes you a stronger seller because you don’t have to sell quickly. Once your home is in escrow then you will in a better position as a buyer to purchase. You still want to make the offer contingent upon your home closing escrow
Some tips for listing: Price it strategically—not too high, not too low. Listen to your Realtor’s advice on pricing! Stage it for maximum appeal (declutter, depersonalize and arrange furniture to open up the room).
Finally, work with a knowledgeable Realtor that will provide maximum exposure and communicate regularly with you!
Focus on the things you can control such as condition and price so that your home sells faster, which helps you move into your next one sooner!
Timing Your Sale & Avoiding the ‘Homeless Gap’
Start by listing your home at the right time for your goals, not just the market trends. One thing that I talk to clients about is when you are buying and selling in the same market you can’t really time the market. If we have higher demand, then that will help when you sell your home but can also be challenging when buying. When there is a lot of inventory, this can give you opportunities when buying but make it more difficult when selling. I recommend you focus on what timing makes sense for your personal situation and to not try to time the market when buying and selling!
Consider negotiating a leaseback if your buyer is flexible. If I know my clients want to take their time and find a home after their property has an accepted offer, I will put right in the agent-to-agent comments that the seller would like to remain in possession of the home after close of escrow. In Las Vegas, we have a post possession agreement that we use in this situation. It allows you to remain in the home for up to 60 days after closing. So you can find a home during the escrow period or even after close of escrow. You will have your funds from your home and be ready to close escrow on a new home!
I always tell my clients, timing is everything! A great agent helps you align your closing dates so you’re never in limbo.
So, what happens if you already have a home you want to buy? Talk to a lender and discuss options. You might be surprised to find out you can purchase first without selling your home.
I will give you the perfect example. Several years ago, my husband and I purchased our dream home. We weren’t even looking to buy. This was during Covid, and we walked around our neighborhood regularly for exercise. We started pointing at one house every time we went to buy it saying that was our dream home. We loved the views and it was a floorplan that we knew we liked.
One day another Realtor friend called me and asked me if I wanted to go and look at a For sale by owner listing in the neighborhood. As I pull up, I realize it is the house that we had been pointing at for months. He said they were motivated and had it listed under market. I felt the universe was working for me but I wasn’t sure how to make it work. We didn’t have time to sell our house.
What could we do? I talked to the lender and was surprised to find out we qualified without selling our house first. We got our offer accepted without the contingency and then listed our home after.
Talk to the lender about options such as a bridge loan. This loan allows you to purchase first and use some of the funds from your home to purchase the new home. Or possibly, you could do a HELOC which is a home equity line of credit on your current property for a down payment.
Talking to a lender early is key! Knowing your options gives you a financial game plan so you can move confidently.
PART 2: Buying Your New Home
You can start searching for Your New Home While Selling. I can set up a search directly from the MLS with your criteria. This way we both get notified as soon as something comes on the market that fits your needs. Create a must-haves list that you focus on and a nice-to-haves list so you know your priorities to make decisions faster.
Get fully pre-approved so you know your buying power. Most buyers start with a prequalify and don’t get the needed documentation and complete the process to get fully approved with the lender until they find a home. You don’t have to wait! You can get approved even before you find a home. This way you have a preapproval letter not just a prequalification letter. This can help you avoid last minute problems and puts you as a much stronger buyer when writing offers!
I always tell my clients—don’t fall in love with a house until your current one is under contract! It keeps stress levels low and options open.
Making a Strong Offer on Your Next Home
When you’re selling and buying at the same time, making your offer stand out is all about strategy and communication. If you need to include a home sale contingency, that’s okay—just be upfront and clear about it. Come in strong on terms that you can do so. For example, shorten some of the other time frames such as the loan contingency since you are already approved. Waive the home warranty or pay for it yourself. It’s $600 and you would be surprised how often just that little thing can set your offer apart from others. Being flexible with your closing dates can also go a long way in making your offer more attractive to the seller—it shows you’re easy to work with and willing to create a win-win situation. Most importantly, having an experienced agent on your side (like me!) means you’ve got someone who knows how to negotiate effectively, present your offer in the best light, and navigate the details so you can move forward with confidence.
A strong offer isn’t just about price—terms matter! The right strategy can help you get your dream home even if your sale isn’t finalized yet.
Closing Both Deals Smoothly
You can close both properties simultaneously if you use the same title company. They can record one and then the next one just minutes later! Work closely with your realtor and lender to align closing dates. Or if you aren’t in a hurry and have the lease back then your funds can be wired from one title company to another.
Prepare for the unexpected delays happen, but having a backup plan helps. Keep extra funds available for unexpected costs or temporary housing and have a plan B.
You can pull this off beautifully and stress free with the right team in place. It’s all about planning, communication, and staying flexible!
