Advice When Buying & Selling at the Same Time
- Adam Garrett
- Sep 3, 2023
- 13 min read
Updated: Apr 21
There are numerous ways to go about buying and selling at the same time. Here's a spreadsheet I've made with 7 of those options, 3 of which I recommend giving thoughtful consideration to (in green in the spreadsheet) but all of which are viable under certain circumstances & worth a look.
Basic Options for Sellers:
1. Buy Before You List
2. Sell w/ Seller Possession Agreement or Buyer Possession Agreement
3. Sell, Have Temporary Housing, then Buy
4. Alternatives (i.e. Bridge Loan or Long Time from Offer to Closing)
Tips on Home Sale & Purchases Together:
Consider a Home Sale Contingency
Consider a Home Purchase Contingency
Get a Pre-Listing Appraisal
Get a Pre-Listing Termite Inspection
Get a Great Listing Agent w/ Great Marketing
Pre-Listing Home Inspections
Consider a Large Earnest Money Deposit
Consider an Early Possession &/or Limited Possession Agreement
Consider a Seller Possession Agreement
Be Aware of First Right of Refusal Clauses
Consider a Bridge Loan
Order of Best to Worst Regarding Home Sale Contingency from Seller Vantage Point
1. Pending w no contingencies left
2. Under Contract, Contingent, but w/ Pre-Listing Advantages
3. Active w/ recent written offers & w/ pre-listing advantages
4. Active w verbal offers <24 hrs after hitting the market
5. Listed in past 3 hrs w >3 showing requests
6. Active & listed 1 day ago w plenty of showings and good feedback
7. Not active, but well prepared to be active asap
8. Active & listed 7 days ago w a few showings
9. Unlisted w details & relatively low probability of being overpriced
10. Unlisted w higher than typical probability of being overpriced
11. Active & listed 30 days ago w <2 showings
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