Jim and Sarah weren’t planning to move.
They were visiting friends in a community they liked when they stopped at an open house. They fell in love with the home and started thinking seriously about buying it.
There was just one problem.
They needed to sell their current home before they could purchase the next one, and they hadn’t even started preparing to sell.
I’ve helped quite a few homeowners navigate buying and selling at the same time, but every situation is different. For Jim and Sarah, the challenge was finding a way to make both transactions work without taking on more financial risk than they were comfortable with.
Understanding What Mattered Most
The first thing we needed to understand was what mattered most to Jim and Sarah. Was it that particular house, or was it the community they had fallen in love with?
That distinction was important.
We identified four other homes in the community that could also meet their needs. If the first home sold before they were ready, they would still have options.
That gave Jim and Sarah some breathing room. They could concentrate on preparing their current home for sale rather than rushing into a purchase.
Fortunately, their home was in good condition. They completed the remaining preparations in three or four days, and we had it listed within a week.
Pricing Their Home With the Next Purchase in Mind
We discussed what their home might reasonably appraise for, what competing properties were asking, and how much they needed from the sale.
Jim and Sarah decided to price near the middle of my estimated appraisal range and slightly below the competition.
Their goal was to achieve a strong selling price within a timeframe that would allow them to move forward with their purchase.
Their home went under contract in 16 days.
The next day, they made an offer on the home they wanted.
Taking a Calculated Risk
Normally, when someone needs the equity from their existing home to purchase another, I prefer to have the buyer’s inspection period completed before making an offer on the next property.
Jim and Sarah weren’t quite there yet.
Their home was under contract, but their buyer’s inspection period was still open. We discussed what could happen if the buyer wanted substantial repairs or decided not to move forward.
They understood the uncertainty and decided they were comfortable proceeding.
Their purchase contract included a contingency tied to the successful closing of their existing home.
That gave them an important contractual protection, but there were still challenges ahead.
And the first one came quickly.
Fifteen Repair Requests
The inspection on their existing home resulted in 15 requested repairs, eight of which were cosmetic.
Jim and Sarah had to decide which requests they were comfortable addressing without jeopardizing their next purchase.
After reviewing their options, we negotiated the list from 15 requested repairs down to five.
That mattered because they were counting on the proceeds from their sale to purchase their next home.
Every decision on the sale side had the potential to affect the purchase side.
With the inspection negotiations behind them, Jim and Sarah were one step closer to their new home.
Two Closings, One Move
Jim and Sarah wanted to move directly from one home into the next. But they needed the proceeds from selling their current home to complete the purchase.
To make that possible, we coordinated both closings for the same day.
They signed their sale documents about a week early, and once their sale closed, the proceeds were wired for their purchase.
But there was still one more issue to solve.
They needed time to move.
To give Jim and Sarah enough time, we negotiated an additional three days in their existing home after closing.
The cost was $450.
That gave them time to move directly into their new home without having to move twice.
What Jim and Sarah Learned
Jim and Sarah were thrilled with the outcome.
They purchased the home they wanted, sold their existing property, and avoided the inconvenience of a temporary move.
But afterward, they told me that if they were doing it again, they would have started planning before finding a home they loved.
I think that’s the most important lesson from their experience.
Everything worked out, but there were risks along the way. They had to make decisions about pricing, inspections, contingencies, and closing dates, all while keeping both transactions moving.
Not every homeowner would be comfortable with that level of uncertainty.
And that’s okay.
The right approach isn’t necessarily the same for everyone.
My job is to help homeowners understand their options and the risks involved so they can decide what makes sense for their situation.
Planning Your Next Move
If you’re thinking about buying another home while selling your current one, I’d encourage you to start with a plan before you start looking at houses.
Understanding your home’s current value, how long it might take to sell, and how much equity you’ll have available can make a significant difference in your options.
I’ve written more about that decision in Buying and Selling a Home: Which Should Come First?
If you’re considering a move in Land O’ Lakes or the surrounding Tampa Bay communities, I’d be happy to help you work through the possibilities.
You don’t have to be ready to sell to start understanding your options.
Jim and Sarah are pseudonyms. This article describes an actual client transaction. Identifying details have been omitted to protect their privacy. Results depend on individual circumstances.
Tim Hanavan
REALTOR® | REMAX Premier Group
