Can I buy and sell at the same time?
Yes, this is something that is done regularly lets look at the Pro’s and Con’s for both options.
Buying Before Selling
Pros
- You have a place to live while home shopping
- Less moving expenses
- Do not need to make a quick decision (living in home)
- Relaxing home buying experience
Cons
- Stuck with two mortgage payments
- Feel rushed to sell
- In tight markets, offers with sales contingency are less competitive.
- Lack of cash for down payment
Tips for – Buying Before Selling
Rent out house first
use a contingency Clause
An investment in knowledge pays the best interest
Selling Before buying
Pros
- You know how much equity you have (you know how much you sold your home for)
- More cash on hand – Stronger buying position
- No risk on 2 mortgages – Saver
Cons
- Need a temporary place to stay (in limbo)
- Difficult to find month-to-month (kids, pets, etc..)
- Moving expense much higher (two moves and storage)
- May feel rushed to buy
Tips for – Selling Before buying
Temporary housing is your first priority
Be ready to buy – know what you want
