Selling & Buying: Making the move at the same time

Selling & Buying: Making the move at the same time


Many people these days have to think very carefully about their plan if they need to sell a home and purchase another one due to a move to a new area or their existing home becoming too small for their family or maybe their existing home becomes too large or impractical for them. Regardless of the reason, people find themselves needing to sell their current home and purchase another one every day. There are many factors and options to be considered as you go through this process.

Each transaction is completely separate. The Sale of your current home is a separate Transaction from the Purchase of your new home. The Purchase of your new home may be contingent upon the sale of your current home, but the Transaction itself is completely separate. It may sometimes seem like you are having to say the same thing, of disclose the same information multiple times; it may feel like no one is communicating. If separate Title companies are handling the sale & purchase of the properties they will both need very similar information. Often times this information has to be transferred or signed on by the individual involved in the sale or purchase and cannot be transferred by a third party. So be prepared to do a lot of communicating and sometimes communicating the same thing more than once to multiple people.

Time/Work: Buying or Selling property takes time & work. There are contracts to be completed. Photography to schedule. Showings to schedule. Inspections to schedule. You will have a listing agreement for your current property, photography to be scheduled, showings, and hopefully receive an offer (or offers) fairly soon which will result in scheduling inspections, final walk throughs and closings. You will need to schedule showings of potential properties to purchase. You will complete an offer on your new home and schedule inspections, final walk throughs, and a closing as well. There may also be repairs that need to be scheduled. When you are selling an existing home and moving to a new home at the same time there will be twice as much work and it will take a little extra time. If you are moving within the same area having the same Realtor® assist you with each transaction can lessen the volume of work and communication needed because they will already have much of that information, but there is still twice as much to do.

It seems like most of what I am talking about is pretty negative, but there are definitely some positives to coordinating both transactions at the same time!

Some people opt to sell their existing home first, then rent a place while they find their next home. You won't have to pay rent in the interim if you can coordinate the sale & purchase at the same time, and if you do it won't be for very long. Even if a contingency offer gets delayed for some reason the buyer will only need to find a space to stay for a short period. In some areas a short term rental can be difficult to come by and cost a bit more than a lease for 9 months or more. If the sale & purchase are being completed at or close to the same time a temporary lease can often be negotiated with the other party to the transaction. Moving & storage fees are anther thing to consider. The longer you have to store your personal items the more expensive that can become in addition to the rent paid. Moving your personal belongings twice will cost twice as much. And lets face it, Time is Money, right? It takes even more time to move twice; once out of your home & into a rental & then again out of your rental & into your new home.

Financing. Some people will need to sell their current home in order to be able to purchase a new home; this is a contingency offer. Others may be able to purchase a new home prior to selling their existing home. If a Seller chooses this route they may find themselves making two mortgage payments or at least paying extra taxes, HOA dues, maintenance and utilities each month, until their existing home sells. Coordinating the sale & purchase at the same or close to the same time will avoid making double payments.

There is definitely a lot to think about when you are trying to sell your home and purchase a new one at the same time. If you want more information on how to go about selling your existing home and buying a new one ~ and getting both of these things done at the same time ~ give me a call! I would love to help you navigate this process!

Michelle Peacock, REALTOR®
TM5 Properties
michelle@tm5properties.com
979.220.8033


Location: Bryan, TX, USA

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