Buying and Selling at the Same Time

Buying a new home without selling your current one is an option - but not practical for most people.  Most people need to sell one property before they can buy the 2nd property.  Let's explore some of the advantages and disadvantages of this strategy, assess what you might experience if you go this route, and help you decide if it's the right step for you. 

The most obvious disadvantage of this approach is that you’ll be without a place to sleep for some time. You’ll need to make arrangements whether it’s with a friend or at a hotel. This will of course be exacerbated if you have a family, significant other, roommate, or pets. You will also of course need a place where your belongings can be secure.

The advantage lies in having the money from the sale of your current home to use towards both your new home itself as well as any expenses you may accrue in the process of moving. 

You could try contracting to buy the new property, subject to being able to sell your existing property.  For this option you will want to try to close the sale of your existing home immediately preceding the purchase of your new home.  It makes things a bit simpler to have both transactions at the same title company.  Talk to your Closer at the title company as soon as possible and let them know you will need your sale funds forwarded to your purchase file.  It is all about timing.