Buying & Selling At The Same Time?

A couple of months ago, I had a home owner reach out to me. She had a predicament. She and her husband wanted to sell their current home and buy their dream home all at the same time. 

She mentioned that they had met with another agent who suggested that they sell their current home, move in with family and then purchase their new home at a later time. 

Yes, that is the "easiest" way for the real estate agent. However, it is not the easiest for the customers! That would mean they would need to pack, move to a different property, then pack again and then move to the new house. It's a lot especially when they both work full time. 

The wife asked "Am I completely out of my mind in wanting to sell and buy at the same time?" Our answer was "definitely, no!" 

This is very common and here are the steps we took to make all of it happen!

1. Meet with the homeowners to take a tour of their home and decide on a price. 
2. Homeowners applied for a home loan and received a preapproval letter to make sure they were financially able to purchase. 
3. Place their home on the market. Make sure all buyers know that this seller can only sell their current home if they also find a home to purchase. 
4. Showings start on their home. 
5. We start taking tours of other homes that fit their criteria. 
6. We accept an offer on their home with a contingency that we close on their current home on the same day that they close on the new home. 
7. Find a home and make an offer with the contingency that they will buy that house only if they close on their current home. 
8. Go through inspections, appraisals and loan approvals for both files at the same time to keep everything on track. 
9. Close on the same day. 
10. Hand over the keys to their old home, and obtain keys to their new home. 

This is a very simple formula, but there are a lot of little moments that can make everything fall apart. 

If you have ever thought about upgrading homes, make sure you hire an agent that is familiar with selling/buying at the same time. If you aren't in our area, let us know and we will find the perfect agent in your area for you!