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Subject Expert
Happens all the time!
A couple of options:
- sell first, move all your stuff to a storage unit, and live in a hotel or Airbnb for any gap in living
- ask for a leaseback period as part of offers on your current house that you are selling (even if it’s at market rates)
- ask for a longer closing period on your current house that you are selling (may not work if you need the money for the next property)
- don’t sign your selling offer until the buying offer is in process (doesn’t work if you need the cash to close the buying property)
Coordinating the closing dates to be exactly perfect can be very tricky, and any hiccup or delay in either offer can be extremely stressful. But people handle this type of stuff all of the time, so it’s not uncommon
Best to put your home on the market and get it in escrow. Once it’s in escrow, go shopping and find a home. Sellers are more inclined to get into escrow with you if your home is already in escrow. Then you will want to coordinate a concurrent closing of both escrows. This means you negotiate to have your new purchase close at the same time of your home. It’s best to have the same title company for both escrows so their not a delay in wiring the money over to the other tile company. You may want to negotiate a lease back on your house for a few days to a week to be able to get the money from your house, close on new house and move. You would ask the buyer to do a lease back at buyers PITI. Your rent for that timeframe would be the buyer PITI (principal, interest, tax and insurance) per each day you stayed (prorated). This is a lot cheaper than doing a double move.
You will make more money on the open market with a realtor than any iBuyers in this market today.
Hope that helps.
Realtor
Ideally you sell your home first. If you get stuck not selling your home for whatever reason (delays, no one is interested, etc) and you now have a new property you purchased, now you’ve got two mortgages. Don’t do that to yourself. Sell your property first. It will be less stressful for you. Once you have the sell secured, move stuff to storage and get an aibnb or hotel. Then start looking to buy.
This is normal! Usually this is done with a sell contingency