Let’s be honest…it is not the ideal situation to buy and sell at the same time but sometimes, that is the only option for buyers.  They need the funds from the sale of their current home in order to buy a new home.  Below are some real facts about the process and what to expect.

• How does an actual double move happen?  When you are having to sell and buy at the same time, you can close a couple different ways.  You will have to close on the sale of your current home first and then close on the purchase of your new home.  How fast does this happen?  Sometimes it can be at the very same time.  Another option would be that you close on the sale of your property and then a couple days later close on the purchase of your new home.  The main thing you have to consider here are the logistics of both which I’ll address below.  Other factors could determine this such as the ability of when the buyer for your home can close and when the seller of the home you’re buying needs to close.  Sometimes, those don’t always work out happening on the same day.
• One must be organized on the logistics for a double move.  Do your research early on moving companies and the options they provide.  Some can store your items, others can’t.  If you are closing on both properties the same day, it is hard to schedule the movers for delivery of closing day because you legally can’t into the property until the funds are delivered at the title company.  You don’t legally own it until that happens, which is sometimes late afternoon.  Ideally, you’d have a place to stay for a night or two until you can get the movers there.  Most of my buyers store their items for a couple days and either stay with family or stay in a hotel for a night or two.  
• It will be stressful.  Any move is stressful and I won’t sugar coat the fact that relying on a buyer to purchase your home and get to the closing table in order for you to buy the house that you just fell in love with and currently under contract with is scary and stressful.
• What happens if the buyer backs out of your contract?  There are lots of scenarios of things that can happen, and without getting too specific, know that your agent is there to guide you along and can share with you all the safe guards built into the transaction.  If you get your offer on your new home accepted, most likely your agent would have included a contingency on the sale of your home with the contract.  If for some reason the buyer backs out, you’ll have a way out of your contract if within the time frames.  A good agent will stay on top of the buyer’s agent and ask for continuous updates to make sure everything is moving along and that there are no surprises popping up.
• Your offer may not be accepted.  In a crazy sellers market, like we’re in now and have been for awhile, it can be difficult to get an offer accepted that has a contingency of selling another property.  From the seller’s perspective, you can see how that is taking on a lot of risk.  If they have multiple offers, the seller is going to go for one with less risky contingencies.  Your agent, however, can strategically write the contract with other benefits the seller might like.  For example, making sure they have the close date they want, eliminate inspections or reduce what you will negotiate on.  You can also have your agent send the listing agent information on your current property and talk about how easy it will be to sell the property and ensure a smooth close.
• Do I list my home first or write an offer to buy first?  This all depends on how comfortable you feel.  If you list your home first and it goes under contract, you would have to find a place to move before closing.  You can negotiate a long closing but you would have to find a place fairly quickly.  If you’re looking for a very specific home, this might not be the best option.  However, if you have some place to stay for a couple months (like with family or friends) then it wouldn’t be as big of a deal.  On the other hand, you can write an offer on a new home with the contingency that you will sell your current home in order to buy.  This looks riskier to a seller and not as ideal but sometimes is the only option for folks.  Having everything ready to go to list your home is very important and writing in your offer that it will be listed within x days is a smart thing to do.  

Everyone’s situation is so unique, so if you think you might be in this situation, please don’t hesitate to contact me and we can talk through the details. As with anything, the more you talk through things and make an action plan, the less stressful the whole thing becomes.