How Can I Buy A House and Sell Another Simultaneously?

By
Real Estate Agent with Front Gate Real Estate Broker 11085

My phone rang and a former homebuyer asked "How can I sell my current home while simultaneously buying a new one?" This young couple has lived in their Brandon MS home for three years and now wants to move to a larger home with a shorter commute.

 

Rather than jump in the car and start looking at homes, I explained the process to my client. My first suggestion was to redirect them to their lender (who provided excellent service when they purchased their first home) to determine what price range they would now qualify for, factoring in increased wages, current financial obligations, etc.

 

My next course of action is to take a look at the value of their current home and determine the amount of equity they would have upon selling. 

 

After talking to their lender and preparing a market analysis, if the numbers work, we will begin the process of placing their current home on the market while shopping for their next home.

 

I explained that buying and selling simultaneously is challenging, but it CAN be done. It is a PROCESS and this couple is asking all the right questions. I appreciate clients who ask for my help, trust me to explain the process and then follow the correct approach.

 

My clients rock!

 

Boulder Photo by Pat Starnes

Repeat satisfied clients are the cornerstone of my business. 

 

If you are in the market for a new or resale home in the Brandon, Pearl, Reservoir, and Flowood area, it would be my pleasure to assist you.

Comments (6)

Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

It is great when your clients come to you with questions on the best way to move up! Good luck in selling their current home and finding them another one!

Sep 01, 2016 09:12 AM
Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Pat your clients trusted you the first time around and now they're back because your an expert.  All the best to them - and you on selling and finding them a largre move up home!

Sep 01, 2016 10:01 AM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

It can be tricky, but over the course of my career, I've done it numerous times.  There are several methods, depending on the client.  Often bridge loans are used. 

Sep 01, 2016 12:33 PM
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Myrl Jeffcoat - Yes, of course you are right. A friend is in the process of closing with a bridge loan, but that isn't right for this particular couple. In fact, that's another excellent topic to cover. :)

Sep 01, 2016 12:59 PM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

It is a process Pat Starnes and it can be done...even in a challenging market with low inventory.

Sep 01, 2016 01:21 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Hi Pat!  Glad to hear that they phoned you back for a 2-sider!  I have to say, they are a challange but, aren't we always up for one?!!  Good luck - you've got this!

Sep 01, 2016 01:30 PM