How to buy and sell at the same time
So you’re looking for the perfect property, but need to sell your current home in order to ensure the new purchase can come to fruition. Is it possible to buy and sell at the same time, and if so how do you make the process stress-free?
Yes, it is possible and it can be relatively painless. You just need to plan a little in advance.
Here’s how to buy and sell at the same time…
Step one – Your existing property
The process of buying and selling at the same time starts with your existing property. You want to ensure it’s ready to sell and select an agent who understands your needs.
Speak with them about the fact your aim is to sell the current property and purchase the next one at the same time.
This will help them formulate the right sales strategy to assist, and will also help them when it comes to liaising with potential buyers.
They may also offer their assistance finding the next property to suit your needs, and this can be handy, as they will act as a single point of contact who can negotiate with both the buyers of your existing home and the seller of the one you hope to purchase to ensure all the ducks fall in line.
Step two – Line up your lender
You’re also going to want to talk to a preferred lender about what your finance options are for buying or selling at the same time.
Not only will this give you a clear budget of what you’re going to be able to afford in terms of your next property, they may also have additional finance options available to assist.
These might include:
- A bridging loan – where you can purchase the next property using short-term finance while you await the sale of your existing property.
- Loan porting – Where you can transfer your current loan to the new property providing they settle at the same time.
Step three – Your new property
With your existing property either already on the market or ready for sale, you can begin the search for a new one.
Potentially, if you find the right one and your finance is pre-approved, you can even make an offer, but you’ll want to notify the selling agent that you need to sell your existing home before the purchase can come to fruition.
They can then include a clause in the sales contract that indicates the purchase is subject to the sale of an existing property.
They might also suggest a longer settlement period to ensure your property has time to sell.
Step four – Good legal representation
A good conveyancer or legal representative is also someone to have on your team if you’re buying and selling at the same time.
Speak with them about what you’re hoping to achieve and they can help ensure both sales contracts have the clauses and conditions in place that you require to ensure a seamless exchange.
The final word
If you’re looking to buy and sell a property at the same time, it’s important to appreciate there are a number of moving parts involved.
It’s also a process that requires you to be proactive in terms of your communication with both the selling agent of your property and the one tasked with handling the sale of the home you hope to buy.
You will also need to work closely with your lender to understand your finance options and how they can facilitate the process.
How we can help
If you’re considering buying or selling a property, why not chat with one of our friendly agents to understand the state of play in your local market?
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
