Top Tips for Buying & Selling Together
Do you want to move but need to sell? Can’t wrap your head around how to do everything?
How do I house hunt when my house isn’t on the market? Should I put my house on the market first? Do I need to find a house first? How do I know how much I’ll make on my house and how much I can afford? Do I buy and sell on the same day? HELP!
Take a breath, I got you. That’s why I am here…
FIRST. Two questions.
#1. If you sold before you found a house, are you willing to do a short-term rental or live with family? If the answer is “no” or “HECK NO”, then you’ll need to put your house on the market with the following contingency,
Subject to SELLER securing suitable housing.
#2. Do you need the money from your home sale to buy? If the answer is “yes” or “duh, who doesn’t”, then you’ll need to use the following contingency in your offers:
This Agreement is contingent on the BUYER closing on < insert Property Address > on or before <insert date>.
There are other considerations such as, how long will Sellers have to secure housing before Buyers can walk away, what deposits are held, when inspections are done, kickout clauses etc.
Make sure you have an Agent who has experience with these scenarios because it can be tricky to navigate. You need a seasoned professional working for you. These deals can fall apart quickly; you need to be protected and prepared for all the possibilities.
NEXT. Preparation is essential.
If your house is not on the market yet and you think you can find your dream house AND have an offer accepted contingent on selling your property – it’s a pipe dream. I never say impossible, but this is RARE in today’s market. Chances are you’ll miss out on the property.
It is 100% times easier to get an offer accepted when the property is already under contract. Bonus points if inspections are also done.
BUT if you aren’t ready to put your house on the market just yet, that’s OK. Have your listing ready to hit LIVE. Meaning – photos are done, pricing is done, marketing material etc. are all done. Then you can make an offer with the following:
This Agreement is contingent on the completed sale of <insert Property>. Property will be listed at <insert price> on <insert date>.
This shows the Seller you are motivated and ready. Be sure your Agent advocates for the sale providing data to the Seller’s Agent to help assure them why the property will sell quickly (average days on market, comparable properties supporting list price etc.).
There is a lot to these transactions, but this will set you off on the right foot. From there, your Agent should advise you every step of the way.
Remember, most people need to sell to buy, so this is something that is done all the time! It may not be easy or seamless, but it is certainly common.
Do you have any questions?
Thinking about buying and/or selling in 2025?
I am an open book and would love to be your real estate resource. Never hesitate to reach out for free advice 😊
~ Kayla
