Buying and Selling a House all at Once

Buying a house can be stressful enough, but throw in the fact that many buyers are also trying to sell a house at the same time, and you’ve got the perfect recipe for stress. To help you better navigate this unique real estate transaction, we’ll outline some things for you to keep in mind to make sure you’re as prepared as possible, and hopefully get you through the process without any major issues.

Financial Standing

One of the single greatest factors in getting approved for a mortgage, your credit score is especially important when trying to buy and sell at the same time. The biggest concern here is whether or not your credit score is in the right range to get approved for a second mortgage. Remember, you’ll likely buy before you sell, which means you’ll need to make two mortgage payments for a while. So, it's vital as you begin the process that you ensure you’re in strong financial standing. And not just for the bank’s sake, but more importantly so you’re not taking on too much all at once financially.

Contingency Plan

It’s always a good idea to prepare for the unexpected as much as possible, just in case certain details of your plans temporarily fall through the cracks. Specifically, we’re talking about making sure to have a place to stay if you sell your home and close before you’ve found your next home. Being prepared for this scenario will greatly reduce the stress of the situation. So hopefully, your parents or in-laws don’t mind you crashing in their basement for a while if necessary.

Emergency Fund

Having an emergency fund is an essential part of any financial plan, but it’s especially crucial when you are buying and selling a home at the same time. If you’ve ever sold a house before, you know there are likely going to be times when unexpected expenses arise – everything from repair costs to your current home after an inspection, to possibly taking on a second mortgage for a little while. Plus, it helps to be prepared for moving costs and any storage expenses that might come up, especially if you have to stay somewhere temporarily.

The best news about buying and selling a house at the same time is you don’t have to navigate it alone. Hopefully, you’re already working with a top-notch agent who can handle most of the heavy lifting. But if not, your local loan originator with Sunflower Bank can also be a tremendous help through the process. If you have any questions about buying or selling all at once, reach out to a member of our team today.