Buying and selling at the same time can raise a few concerns. Today, I’ll go over how to address this situation and handle two transactions at once.
What happens when you need to buy and sell at the same time?
The two biggest concerns most people have when this situation arises is that they could either go through a period of homelessness or end up in possession of two homes at once.
There are different ways you can maneuver the transaction to avoid these common issues, but there are two solutions I most highly recommend.
First, you can put a contingency in place so the closings happen at the same time. This allows you to keep your property until you find a new one to buy.
"You should always refer to a professional when buying and selling simultaneously."
Your other option is to negotiate a rent-back situation. This involves striking an agreement with your property’s buyer, wherein they allow you to rent back your home for a certain period of time while you secure your new home.
As a final tip, you should always refer to a professional when buying and selling simultaneously. They will be able to guide you through your transactions and help make them go as smoothly as possible.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.