How to Buy a Home While You're Selling a Home

You'll be a busy person if you're buying and selling homes at the same time. The key to making the transaction go smoothly is good timing.

Difficulty: Moderately challenging

Instructions

1. Give yourself the best chance at making the sale and purchase happen together: Shop and sell in the spring or summer when inventory is up and buyers are looking. (If you have to sell in the fall or winter, the time between finding a buyer for your home and a home for you to buy could be much greater.)

2. Make the sale of your home contingent upon your ability to find and close on the purchase of your next home - that is, unless you don't mind having to move into temporary housing until you find a home to buy.

3. Add a clause to any offer you make on a home stating that your offer is contingent upon the successful sale of the property you currently own.

Tips & Warnings

• Put your home on the market first; that way, if you get a buyer, you can negotiate the escrow period to adjust to your purchasing needs.
• If possible, have the transactions close simultaneously so you don't have to be out of the first house before you can move into the second.
• It's not necessary to use the same agent for selling and buying, though using the same agent for the sale and purchase is a good opportunity to negotiate the commissions.
• To make the transactions go smoothly, it will help to have the same title or escrow companies or real estate attorneys handle the property transfer.

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on 11/22/2005 While your house is on the market and you're looking for another home, get your financing documents in order and investigate financing options - particularly if you're buying a more expensive house. You can negotiate if you have loan pre-approval.