Buying & Selling a Home Consecutively

Buying and selling a home at the same time may sound unworkable but in actuality, it's fairly common in the Coachella Valley real estate market at the moment. For good reason, homeowners want to take the sizable equity they have gained since the market rebound and put it towards a down payment on a bigger home, or in some cases a smaller home. Whatever the reason, if you have been itching for change, now is a great time to make the move.

Prepare Your Home to Sell

There are a lot of moving parts to take into consideration when buying and selling a home consecutively. Most commonly you will prepare your home for selling and decide with your Realtor what the best price to list your home is. You will want to list your home at a price that grants you the highest net but is still a competitive market price so the home sells quickly. After all, your goal is to move on and this is the means to the end.

Once your home is on the market, you can start looking for your new home. (Most of my clients have already found a new home they already like!) If you find a home right away, you will write an offer to purchase which will be contingent on the sale of your home. This is where things can get challenging (but never impossible!)

Tips for a Contingency For Sale of Other Property

A seller who is willing to accept an offer with a contingency for sale of other property will look for a couple of things about the contingent property.

• Is the property currently on the real estate market? Mr. Seller will hope it is already on the market.
• How well is the property priced? Mr. Seller doesn't want to hold their property up with your contingent offer if your home is not likely to move quickly.
• What is the likely hood the property will sell quickly? Mr. Seller will only wait so long, normally a couple of weeks.
• Better yet, is the property currently in escrow? This is the most desirable to Mr. Seller.

A seller who is willing to accept an offer contingent on selling other property will normally want to see the property is in escrow within a certain time frame, if the property isn't already in escrow, which is the most preferred.

When you accept an offer on your current home you will provide the buyer with contingency of your purchase of replacement property. This gives you as a seller protection if something goes wrong with your new purchase.

We try to organize the escrows of your sale and your purchase so they are consecutive or as close together as possible. In some cases, you may need to rent back your home for a week or two so that you have time to close your escrow on your new home and move. When the stars align, everything falls into place...or maybe it's the work of your Realtor.

I'm currently representing three sellers who are also buying a new home; two of the sellers are looking to retire & downsize and the 3rd seller  is looking for a larger home for their growing family. Click the photo below and find out how much equity you have in your home.

Is buying and selling a home consecutively for you? Lets chat and see what questions can I answer for you. Please call/text me at (760)574-8460 or send me an email.