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How to coordinate a sale and purchase at the same time

On Behalf of | Oct 29, 2018 | Residential Real Estate

For many Delaware homebuyers, it’s necessary to buy and sell a property at the same time. While this needs to be planned in advance, it can be done in a relatively smooth manner. It’s generally easier to sell first before buying a new home. In such a scenario, it may be a good idea to put contingencies into the purchase offer.

The offer should be contingent on the sale of a buyer’s current home. However, many sellers will balk at such a contingency as it creates doubt as to whether the home will ultimately sell. Those who are financially able to do so should consider keeping both their current home and the new property temporarily. If a person plans on selling a current home before buying another one, it may be best to coordinate the timing of the sale and purchase.

Ideally, the closing on the sale will take place on the same date that a buyer can move into their new property. A homeowner can ask for a rent-back clause or other provision that makes it possible to stay in the home a little longer. Otherwise, it may be necessary to find a place to rent in the short-term.

When buying or selling a residential property, it is important to negotiate a deal that meets an individual’s needs. An attorney or real estate agent may be able to help a client do just that. With proper guidance, an individual won’t have to worry about moving twice or renting an apartment prior to closing on a purchase. These parties may also help a buyer understanding financing options available to purchase a home.