How to Buy and Sell Westside Real Estate at the Same Time

  • Laci Buller
  • 02/1/22

Are you in the market for a new home? Do you still need to sell your current house? Not sure which process you should start first? Welcome to the common (and often stressful) world of buying and selling real estate at the same time! 

Though there are a lot of moving parts to the simultaneous selling of Westside real estate, the process will go more smoothly if you work with an experienced real estate agent who has helped many clients achieve their concurrent buying and selling goals. The help of an expert agent and some planning is all you’ll typically need to get through the transition with your sanity intact. Here are some tips to help you out.

Understand the current Westside real estate market

Though you can successfully buy and sell at the same time in any type of market, today’s market conditions can affect some of the decisions you make. At this time, the real estate market continues to be hot with low inventory, rising prices, and plenty of demand. 

Because the current market is so volatile, you might face challenges while trying to purchase a new home if it is contingent on the sale of your current property. Lease-back agreements are an excellent opportunity for you to temporarily stay in your property after it has sold while completing your search for your new home. 

Address the possible challenges of selling first

If you do decide to go ahead and list your home for sale and it goes under contract before you find another home you want to buy, you will face certain challenges. It’s best to be aware of these before you start the listing process so you can plan ways to address them.

The biggest hurdle those who sell before buying is finding a place to live. In some cases, the buyer may be able to offer you a leaseback agreement. This is an arrangement in which you agree to rent your home back from the new owner for a specified amount of time. 

If a leaseback isn’t possible, your next best option is to find a home you can rent on a short-term basis. Though some sellers opt for living in a hotel or with friends and relatives, this can get pricey and/or cause friction — especially if your “short-term basis” stretches on for months.

Address the possible challenges of buying first

Though it’s the less likely possibility in the current real estate market due to historically low inventory, you may purchase a home before your current property has sold. This comes with unique challenges In this scenario, your main challenge will be a financial one. Not only will you have to find a way to pay two mortgages, but you’ll also have to come up with the cash to make a down payment and cover closing costs on a new home without using your home equity. 

A bridge loan, like those provided by Compass Bridge Loan Services, is a common solution for those selling and buying homes at the same time. These loans are usually taken out for a term of less than three years and paid off in full after the borrower’s current home sells.

Another issue that may present itself when you buy a home before you sell is managing two households (and two mortgages). 

Are you financially able to buy and sell Westside real estate at the same time?

The simultaneous selling process is not right for everyone. If you decide you are in a good financial position to buy and sell, working with an experienced agent is key to achieving success during your real estate transaction. We can help you throughout both the buying and selling process and ensure you make the decisions that are right for your unique situation. 

Ready to get started? Reach out to us at the Laci Buller Group for expert guidance.

 

 

 

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Our Mar Vista-centric real estate team is led by Laci Buller and Judy Sheller, a partnership that was founded on both agents’ appreciation of real estate beyond the individual transaction.

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