Buying and Selling Simultaneously? Help is on the Way!

So you've outgrown your first home or are ready to downsize? Congrats on coming to the realization you need to make a change! That is the first step.

Next you probably jump to the question of "how in the heck am I going to do this??" Enter your fearless Baking Realtor (picture me with hands on my hips and a cape flowing behind me with a giant cupcake on it).

First, let's see what you're working with. Some homework you can do before we get together is writing down when you did updating: Age of mechanicals, appliances, remodeling, etc.

Then, we review activity in your neighborhood. How much did your neighbor's house sell for? What is the market telling us regarding how quickly homes are selling and the difference between list price and sale price? How does your home fit into the mix?

I also find most people have a number in their head of what they think their home is worth or how much they hope to get in order to move on to something else. I'd love to hear it so I know if I will be able to meet your goal. We are in this together, and I want to get you from point A to point B as pain-free as possible.

This could also be done before Step #1. I have several lenders I can recommend who help folks buy and sell simultaneously. The conversations you should be having:

Can you buy without selling first? (HELOC, Bridge Loan, carry two mortgages)If you must sell first, how much do you need to get out of your current home to purchase the next one?How much are you approved to spend on your next home?

The ideal scenario is to get an offer on your current home, then put in offers on homes without a Home Sale Contingency, all goes smoothly and we sing kumbaya in the next few months. But life doesn't always work out that way...

Here are a few scenarios we will discuss in greater detail:

You must sell your home before or in conjunction with buying the next one. What does it mean to have a Home Sale Contingency on your offer? What are the risks not including the contingency?We get offers on your current home that are lower than what you were hoping for. Does that affect your decision to buy something else?The buyers for your current home want to close before you are able to close on your next home. Are you willing to double move?

So while there are a lot of moving parts when you are looking to buy and sell, you can do it! Be prepared, not scared (I feel like that is a tagline from a meteorologist)