There are a lot of moving parts when it comes to buying and selling property simultaneously, but that does not mean it is impossible. Here are some tips to help you prepare for this next step to ensure that the process goes as smoothly as it possibly can.
1. Interview real estate agents
Working with a realtor makes buying or selling a smoother process, but when doing both at the same time, having a real estate agent can be crucial. During the interview process, feel free to ask them how much experience they have with buying and selling a home simultaneously and how they will handle your particular transaction. It is important to feel comfortable with the agent whom you are working with, just as it is important that you feel confident in their abilities to get not only one great deal but two.
2. Create a timeline
An important step when preparing to buy and sell simultaneously should be to sit down and plan how you want the timeline to look. Think about how soon you would like to be out of your current property, when you would like to move into the new property, and what your plans will be if the closings do not exactly line up.
Depending on which locations you are looking at and where you are currently located, the timeline for buying and selling may look a bit different. It is important to talk with your realtor about how long the transactions will last and ask them when in the process to start looking for that new home.
Having the two closings line up perfectly is not impossible, but it can be tricky. Closing on your current property can be affected by the new buyer's timeline and their own point in the process of potentially selling their old home, and it can be affected by the sellers of your new property closing on their next place. There are so many moving parts that contribute to the timeline, so talking it all out with your real estate agent can help you come up with solid expectations on how things can go.
3. Get your home ready
Getting your home market ready is something you can do before you even find a realtor, and it can make the selling process a bit quicker. Some main ways to prepare your home are to spruce up the curb appeal, make any needed renovations to the kitchen and bathrooms, paint the walls a light neutral color, and declutter and depersonalize.
If you make your home into as much of a blank slate as possible, it will make it that much easier for prospective buyers to imagine themselves living there, and that can get you some quick offers. You do not have to make renovations or upgrades in order to sell faster, but it can increase the interest that prospective buyers have and the chances of bidding wars.
Removing all of the extra furniture and personal touches to the property before it goes on the market not only makes it easier to pack up and move when the time comes, but it makes it easier for your real estate agent to show off all that your home has to offer. For example, if you leave the kitchen cabinets and drawers sparse, it will allow prospective buyers to see just how much space is available in the home. Leaving storage areas and rooms full can make the property look smaller than it actually is.
4. Make a list of your must-haves
Before you even list your home on the market, it is a good idea first to decide what the must-haves are for your new home. Not only will this save you time in the long run, but it will also greatly help your real estate agent to have a full list of everything you are looking for. Maybe you would like to look at Potomac homes for sale or luxury condominiums in Bethesda — whatever is on your wishlist, your realtor wants to know.
Some key things to consider are your desired location, the number of bedrooms and bathrooms, features you would like the home to have, nearby amenities, et cetera. Having what you are looking for written down means that you will not have to think about what you are looking for when it is time to look at properties and can instead focus on taking in the homes and imagining their potential.
5. Plan for a gap
There are so many contributing factors to the timing of two transactions, so there will likely be a gap between the closing of one home and the closing of the other. Now, there is always a chance that the transactions can truly happen simultaneously, but it is best to be prepared for a space in between. One of the most common ways to handle simultaneous transactions is a contract contingency in your offer that makes the sale dependent on your current property closing. If that is not something you are interested in doing, you could also look to stay somewhere temporarily while you wait to close on your new home.
Your real estate agent will do their best to ensure there is little to no gap between the transactions, but there are a variety of unexpected factors that could upset even the most expertly prepared plan. Just know that there are always ways to handle those little bumps in the road and that your realtor will be with you every step of the way.
Work with Jack Wang
For all of your buying and selling needs, look no further than Jack Wang, a real estate expert who has a passion for the industry and a desire to see his clients get their dream homes. No one knows Montgomery County real estate better than Jack, and he will work his hardest to ensure that your transactions are as easy as they can be. Please do not hesitate to reach out to Jack today.