Buying & Selling at the Same Time
Both buying and selling a home are equally stressful, but what about when you are trying to coordinate both at the same time?
There are a lot of moving parts. For local moves, working with the same agent for both transactions helps keep things on track. If you’re moving out of state, making sure that both agents are communicating and are experienced with long-distance double moves is important. They are your team! That means working together with communication and care to coordinate your transactions.
If you are selling your home and want to close on a new home purchase at the same time, here are some things to think about to make your move as smooth as possible.
Truly simultaneous closings are less common, especially when financing is involved. Concurrent closings occur when a party is selling and buying properties at about the same time, usually within a couple of days of each other. If you wish to close on the sale of your home and the purchase of a new home back-to-back, the best scenario is to work with the closing attorney for both transactions. Usually, the sale of your home is closed first, your mortgage is paid off, then the purchase of your new home is closed.
Selling your home ahead of buying is the most risk-free alternative, as neither transaction is contingent on the other. However, this requires your family to make an extra move and have a place to live while you wait to close on a new home, so in terms of convenience and expense, it’s not always the best scenario. If you can secure a short-term rental, or put your belongings in storage and stay with family, you can enjoy the luxury of looking for and closing on your new home. One option that sometimes works out is to rent your home back from your buyers while you wait to close on your purchase. This can work when the buyers are not in a hurry to move in themselves and you can agree on a timeframe for you to remain in the home.
Buying ahead of selling is a dream in terms of convenience. You can take your time moving, and maybe do some renovations or decorating before you move in. But will you qualify for a new mortgage without a contingency on selling your existing home? If you can swing the mortgage, or are paying cash, it may be a great option for you. Remember to realistically consider how long you can afford to maintain two properties– with maintenance costs– in case it should take you longer than expected to find a buyer for your present home.
Depending on market conditions, you may be able to have an offer accepted that is contingent on the sale of your current home. In North Carolina, this can’t be said enough: There are no contractual contingencies. If you make an offer contingent on the sale of your current home, that just means that the seller is aware of the circumstances. The seller is not obligated to refund your due diligence fees or any costs associated with your purchase if you do not sell your current home in time to complete your purchase. This is a very important conversation to have with your agent.
Consider your buyers and sellers carefully when trying to coordinate a sale and purchase within a short amount of time. The last thing you need is a seller or buyer who is displaying signs of being uncommitted to the deal. While no deal is guaranteed until all the closing documents have been signed, when you need a purchase or sale to coincide with your schedule, you should carefully evaluate who you sign a contract with. A contract with contingencies on other deals going through, a lender expressing doubt about final financing approval, a low good faith deposit, buyers asking for unreasonable repairs or allowances, or sellers whose moving plans are questionable are red flags that your deal could fall apart.
There is a lot to consider when navigating a double transaction. Two tips: Have a plan A & B (and plan C in your pocket doesn’t hurt!) and make sure you are working with an agent that understands the complexities involved.
Not quite sure you’re ready for your next right move? Download my Upsize/Downsize Guide for tips on making your buy/sell situation more smooth!

I’m Chrysti!
Durham real estate agent and enthusiast for all the best the area has to offer.
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Your Essential Guide to Navigating the Home Buying Journey
Struggling with starting your home search? Our Home Buying Checklist breaks down everything you need to know, from considering your next neighborhood to collecting your keys.