Question: Can I buy a home and sell my current home at the same time?
The simple answer is yes, but this can get tricky. It may be hard to know if this is the right option for you, so you should first ask yourself two questions.
- Can I afford two house payments if I wait to sell until I close on my purchase?
- Can I obtain a home loan without selling my current home?
Once you know the answer to these questions, you will know what is right for your situation. You may decide to first sell, in which case you may need to rent before making your next purchase. If buying and selling simultaneously is what you decide to do you will want to be sure to discuss it with your realtor and your loan provider.
Your real estate agent will want to discuss the details of listing your home. It’s important to have your home ready to hit the market before you began looking at houses to buy. Your agent won’t want you to find the perfect home if you’re not ready to sell.
After you have found the home you want to buy you will want to write an offer that includes a “sale contingency”. This means you only agree to buy the home if you can sell the one you’re in. The possible downside to this contingency would be the seller chooses not to accept, which is possible if they want or need the timing set in stone-for example if there sale is contingent on them buying a home.
Once you have an accepted offer on the home you’re purchasing your real estate agent will get to work on selling your current home. When you have accepted an offer on your home it will be up to your agent, your loan provider, and the title company involved to coordinate your purchase and sale to close simultaneously.