Recently had a client who was ready to move. She needed to sell her place — a 1-bedroom condo — and then find and purchase a house. Selling and buying real estate simultaneously can seem like a daunting task, but it happens all the time, and the sooner you hire a Realtor the sooner you can start getting pieces in place to make it work.
She knew what she wanted (a house) and had an idea of the neighborhood where she wanted to end up. It was a high-demand area, and we lost on the first offer to competition. By the second round she was ready. She wrote a solid offer and beat out two other buyers for the contract. She closed on the house in January, and with her current abode not yet sold, had time to line up a few contractors and get some work done before moving in.
After the purchase, the clock was ticking to sell her condo. After all, she didn’t want to pay two mortgages any longer than necessary. We’d begun prep work in December — which largely consisted of decluttering, clearing space and sending stuff to storage — and made finishing touches in January. She still lived there, but she was a good occupant and kept it very neat for the time we were actively listed.
After just two open houses, the right buyer came along and we got a contract signed. In a month she was was signing closing docs and handing over the keys.
She was lucky that she was in a position to buy first before selling her place. But what to do if you can’t afford to buy before selling?