Selling and Buying a House at the Same Time: https://www.hauseit.com/selling-and-buying-a-house-at-the-same-time/
List Full Service for Just 1%: https://www.hauseit.com/agent-managed-listing/
Selling and buying a house at the same time is no easy feat, especially if you need the proceeds from the sale of your existing home in order to afford your new place.
Use the Same Agent for Both Deals
Selling and buying a house at the same time is a complex maneuver that requires plenty of communication and cooperation between the agents representing your home sale and the agents representing your home purchase. To reduce complexity, we recommend working with the same agent or team on both transactions.
Work with the Same Real Estate Attorney
You should also work with the same real estate attorney on both deals. Doing so has many advantages, such as the ability for your lawyer to drag out or speed up the contract review and due diligence process on either side in order to get you signed contracts concurrently.
Get Pre-Approved for a Mortgage Early
You should speak with a mortgage banker as early as possible in the process. A mortgage banker will be able to tell you how much mortgage can you qualify for, and give you different answers based on whether you sell your existing home first or not.
Put Your Home up for Sale First
You need to put your home up for sale first before you start seriously engaging on properties because it generally takes longer to find a buyer than for a buyer to find a listing. In fact, the average time on market from listing to a signed contract in NYC is just over 100 days as of today.
Start Exploring Open Houses After Your Home Is Listed
Now you should start narrowing down the neighborhoods and streets that you wish to move to, and begin whittling down a list of potential replacement properties.
Ask Sellers If They’d Be Open to a Hubbard Contingency
It’s okay at this stage to start asking sellers and listing agents whether they’d be open to a Hubbard contingency, otherwise known as a sale contingency. Remember that an offer with a sale contingency is much less attractive to a seller because of the uncertainty involved and the lack of control the seller has over the buyer’s own sale process.
Place Offers When You’re Close to an Accepted Offer on Your Place
Once you’ve started receiving offers on your own home, and your listing agent and attorney become confident that you’ll be able to get a signed contract on terms acceptable to you, it’s time to start placing offers on potential new homes.
Minimize Buyer Contingencies on Your Home Sale
You should minimize the buyer’s contingencies on your own home sale, to maximize the chances that your own sale will go through. The last thing you’ll want is for your own sale to fall through after both transactions are in contract already.
Calculate Seller Closing Costs in NYC: https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/
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