Is it possible to buy and sell a home at the same time?

Is It Possible to Buy and Sell a Home at the Same Time?

What to consider when you are ready to make the move from one home to another.

Yes you can coordinate selling and buying two different properties at the same time, but it requires precise planning, solid market knowledge, and a skilled real estate professional by your side.  If you own a home in Locust Grove and need to transition into a new property, then timing is critical.  The goal in this type of transaction is to have as smooth as a transition as possible from one house to the next.  If you are thinking about selling your current home and buying another one simultaneously, then here are some important things to know and consider.

Know Your Local Real Estate Market

Before you list your current home or begin shopping for a new one, take time to understand what's happening in the local real estate market.

Key Questions:

• Are homes in Locust Grove selling quickly?
• What’s the average time on market?
• Are prices rising, falling, or stable?

The answers to these questions will determine your leverage on both sides.  For example, in a seller’s market, your current home may sell quickly, but finding your next home may take more time and patience.  It’s important to think both as a seller and a buyer in order to coordinate the sale of one home and the purchase of the next so that you can transition from one property to another.

Evaluate Your Financial Position

Understanding your financial situation upfront helps you avoid surprises.  Start by speaking with a lender who can review your current mortgage payoff, assess your buying power, and help you determine:

• Can you qualify for a new loan while still owning your current home?
• Do you need to sell your current home to access equity?
• Should you consider a bridge loan or home equity line of credit (HELOC)?

Being financially prepared gives you more flexibility, especially if you find the perfect home before your current one sells.   Not all sellers are able to carry two mortgages at the same time.   Speaking with a lender will help you determine what path you should take.

Choose the Best Coordination Strategy

There’s no one-size-fits-all approach, but here are the three most common strategies sellers use to buy and sell at the same time:

1. Sell First, Then Buy

This strategy allows you to free up your equity and know exactly what you can afford.

How to make it work:

• List your home with a strong marketing plan to get top dollar quickly.
• Include a post-settlement occupancy agreement in your contract, which lets you stay in your home for 30–60 days after closing.
• Begin house hunting as soon as you receive a solid offer.

Pros:

• No risk of dual mortgages
• Clear budget for next purchase

Cons:

• You may need temporary housing if you can't find a new home in time or if the buyers of your home aren’t willing to do a post settlement occupancy.

2. Buy First, Then Sell

Ideal for sellers with the financial flexibility to carry two homes temporarily.

How to make it work:

• Get fully pre-approved and explore short-term financing options.
• Look for homes where the seller is flexible with their timeline.
• Prepare your current home for sale before closing on the new one.

Pros:

• No pressure to rush into buying
• Seamless move-in timeline

Cons:

• May require bridge financing or more cash on hand
• Higher financial risk if your current home takes longer to sell

3. Buy and Sell Simultaneously

With careful coordination, you can close on both homes the same day or within a few days of each other.

How to make it work:

• Hire an experienced agent to manage both transactions
• Align contract dates to match closing and move-in/out timelines
• Add contingencies to protect your interests (e.g., home sale or home purchase contingency)

Pros:

• Smooth transition
• No need for temporary housing

Cons:

• Requires tight coordination
• More complex negotiations
• Out of your control set backs (ex: an appraisal taking a day longer, a bank holiday, the lender needing an extra day to finalize documents) can cause inconveniences for the sellers or buyers

Prepare Your Current Home for a Quick Sale

If you’re planning to sell before you buy or close both transactions together, it’s essential that your current home appeals to buyers immediately.

Seller’s Checklist:

• Declutter, deep clean, and depersonalize every space
• Stage important rooms like the living room, kitchen, and primary bedroom
• Make small repairs and touch-ups (paint, lighting, fixtures)
• Boost curb appeal with fresh landscaping and clean entryways

Step Five: Structure Strong, Flexible Offers

When Buying:

Include a home sale contingency if you need to sell your current home first. This protects you from being obligated to buy if your sale falls through.

In competitive markets, consider:

• Offering a higher price to offset the contingency
• Shortening contingency timeframes
• Getting pre-underwritten by your lender for a stronger position

When Selling:

You can ask for:

• A rent-back agreement to stay in the home after closing
• Extended closing dates that give you time to finalize your purchase

An experienced agent will help negotiate these terms to keep both deals moving forward.  It is also important to list your home at a competitive market value price that will draw in buyers.

Step Six: Plan Your Move Carefully

Moving between two homes can be one of the most stressful parts of the process, so plan early.

Moving Tips:

• Book movers or rental trucks as soon as closing dates are confirmed
• Use a color-coded system for packing boxes by room
• Pack essentials separately for easy access during the transition
• Arrange mail forwarding and update utilities a few days before the move

Common Pitfalls to Avoid

Here are mistakes to steer clear of when buying and selling at the same time:

• Overpricing your home, which can delay the sale and create financing issues
• Failing to prepare your home for showings, leading to low buyer interest
• Waiting too long to start looking for your next home, especially in a tight market
• Trying to coordinate both transactions without professional help

Why You Need a Local Expert

Coordinating two major transactions—especially in different locations—requires local knowledge, experience, and negotiation skills. As a trusted real estate professional familiar with homes in Locust Grove, I help sellers:

• Price their home competitively
• Navigate contingencies and contract timelines
• Align closing dates
• Maximize their proceeds and minimize stress

I am here to help you too!  Call, text, or email me to discuss your real estate goals and how I can help you reach them.