Last updated on March 8, 2022

How to Sell and Buy a House Simultaneously in 2022

If you thought buying a house was difficult, imagine how much harder it must be to sell and buy a house simultaneously! This scenario might seem like an anomaly, but the truth may surprise you; a whopping 61% of Americans selling homes are also attempting to buy a new one.

From moving to a different area to upgrading your space, there are plenty of reasons why you could be looking to sell and buy a house at the same time in 2022.

The good news is that our real estate attorneys are here to help you along the way and prevent you from falling for some of the most common mistakes during this process. Learn exactly what you need to know to sell and buy a house like a pro below.

Tips on How to Sell and Buy a House at the Same Time

Regardless of the path you take, selling and buying a house at the same time in 2022, especially with the ongoing pandemic you have to take into account, will be a challenge.

On the other hand, some things may be easier (like virtual house tours versus in-person), but on the other, it may complicate a few other things (such as signing documents electronically.). Learn our top tips for selling and buying a house simultaneously below.

Break Down Your Goals in the Beginning

The number one tip that will help you sell and buy a house at the same time is to break down all your goals in the beginning by writing them down. This will help you stay organized and focused throughout the process.

Prepare Your Current Home First

Preparing your current home for sale is a tedious process. You’ll need to clean up clutter, get your things out, and depersonalize everything. In addition, you may need to make some minor repairs or touch ups to increase your home’s value.

This process can take anywhere from a few weeks to a few months. If you work full time or have children, expect that timeline to increase.

With that said, it may be in your best interest to prepare your current home first before beginning the process of selling or buying a home. That way, you’ll have time to focus on the other complicated matters that come along later on.

Consider Contingency Clauses

If you’re making an offer on the home you want to buy but haven’t sold your current house yet, you might want to learn more about contingency clauses. This type of clause will make your offer on the new home contingent upon selling your old home first.

This option is attractive because it lets you back out of a new home purchase if you can’t seem to sell your old home. Additionally, this option won’t come with the typical legal consequences like losing your deposit or incurring a fee. However, please keep in mind that in the Seller’s market, this contingency may not work as more contingencies you have submitting your offer, it becomes less attractive for the Seller.

Avoid (or Cope With) These Common Pitfalls While You Sell and Buy a House

These tips will help you get through buying and selling a house at the same time, but they won’t make the ordeal any less challenging! As you go through the process, there are several pitfalls that you’ll want to avoid. Keep reading to learn more about how to avoid or cope with some of the most common snags.

You Need to Move Out Before Your Next Home is Ready

What happens when you’ve sold your old home but your new home isn’t quite ready yet? In this case, you’ll have no choice but to keep all of your things in storage and stay in temporary housing. Avoid this pitfall by buying your new home before you sell your old one. This may not be realistic if you need your Sale proceeds to purchase your new home. The best way is to be absolutely transparent on your needs and plans with your real estate broker and real estate attorney so they can work out your deal to include a post-closing possession as part of your deal.

Getting Trapped in a Temporary Rental

What happens if you move out of your old house but then get trapped in a temporary rental? Always read your rental agreements thoroughly and carefully to ensure this doesn’t happen to you!

Buying a New Home and Not Selling Your Old One

What happens when your new home is ready for you to move in to but you just can’t get rid of your old one? If that’s the case, then you could end up sitting on a home that’s only devaluing as it goes uncared for. You can avoid this by using the contingency strategy outlined above.

Get Help Buying and Selling a House at the Same Time in 2022

When you need to sell and buy a house at the same time, it’s all too easy to get overwhelmed. You have a lot on your plate, and it won’t be easy to attempt to tackle everything on your own. The good news is that it is possible to sell and buy a house at the same time, and there’s never been a better time to do so than in 2022.

The housing market is in a good place right now, and hopefully, you are, too!

If you need any help with the complicated process of selling and buying a house at the same time in New York, our experienced real estate attorneys may be able to help. Leave your contact details on our online form now to get in touch so you can make the process of buying and selling a home simultaneously go as smoothly as possible.

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