Eeeeek! Buying and Selling at the Same Time is Scary

Today’s Wiki Wednesday Feature: Buying and Selling at the Same Time

Since it’s Halloween and it’s Wiki Wednesday (our weekly exposure of interesting articles in the Real Estate Guide), I thought to myself, “what is the scariest thing out there in real estate?” Loaded question, I know. There are tons of scary things in real estate, but I think I landed on one that seems to set people’s hair on end: Buying and Selling a Home at the Same Time.

What usually happens is you fall in love with a home and you have to have it. But, what about the home you presently own? This is where things start to get dicey. Do you sell and then buy? Buy and then sell? If you try to sell first, you might lose the house you fell in love with, but if you buy first, what happens when your house doesn’t sell? I have done this myself a couple of times and let me tell you, it ain’t pretty. Each day that your home sits is a day your heart is ready to jump out of your chest. This is when your Realtor turns into a therapist and invites you to their house for cocktails (I’ve had that happen to me. It worked… for a day, anyway).

Other strategies you can take include:

• Using a bridge loan that “bridges the gap” between buying your new house and selling your old one
• A “contingency clause” in which you agree to buy your new home contingent on the sale of your old one
• Stay in your old home after the sale and “rent it back” until your new home is ready

Regardless of which avenue you choose, buying and selling at the same time is a roller coaster ride of emotions which is probably further heightened by this flat real estate market. My advice? Get a good Realtor who will sell your house by doing all the right things.

Ed: Wiki Wednesdays is a weekly feature that highlights helpful or interesting articles from the Real Estate Guide.