In this market, I often get the question, "can I buy and sell at the same time?" The answer is yes!
It is a more balanced market right now. Homes are sitting for a little bit longer, so that gives you the opportunity to go in and possibly make a contingent offer on the sale of your home.
So, the first thing you need to do, especially if you are planning on moving up in a property is you need pre-approval from a lender. You want to make sure that you are able to get the loan for that next property that you want to buy. You also want to make sure that you have the proceeds from the house that you are selling for the down payment on your next property.
The second thing you want to do is prep your home to list it, but you want to make sure your house is on the market and ready to go. So once your house is listed on the MLS, you want to receive an offer and you want to have the buyers inspect your current property. When they are able to do that, then that is one of the major wickets that you want to get through to tell the next person that you are buying from "our house...has an offer, is in escrow and we've made it through the inspection."
The last little bonus that you may want to go the next seller with is if your appraisal has been completed, That is kind of the last chance that you have for a transaction to kind of fall through. So, if you can get your home an offer, inspected and appraisal that puts you in a really strong position to go in and make the next contingent offer. So now that you have got your home on the market, you have got an offer, your ready to go. Go put in an offer on that home that you want to buy. It is now your turn to go shopping. You are now able to say the home that I am selling has already made it through all of this process,and we are ready and willing to buy your home. And it is more likely that it will get to the closing table.
The other thing you really want to make sure of is communication. You want to make sure that the seller of the home you are going to buy is friendly and flexible. So, you need a seller that is flexible. And, you also need an agent who is flexible on the other side too, because there are bumps in the road when you have a contingent offer and everybody has to have the same goal of getting to the same place at the closing table. And, you will get there, it just maybe take an extra few days for lending or other things that happen along the way So, the most important this is work with a professional who knows how to work both sides of the transaction, both the selling of your current property and the buying of your new home.