How To Sell Your House and Buy New One At The Same Time

A real estate agent hands over keys to a new homeowner with a model house on the table

Are you looking to sell your current home and buy a new one simultaneously in Columbus, Ohio? This process, known as a concurrent or simultaneous closing, can be complex and stressful. However, with the right strategy and the help of experienced real estate professionals like The Goldsmith Team, you can navigate this process smoothly.

Understanding the Concurrent Closing Process

A concurrent closing involves selling your current home and buying a new one on the same day. This process requires careful coordination among you, your real estate agent, your lender and the other parties involved in both transactions.

Benefits of a Concurrent Closing

  1. You can use the proceeds from the sale of your current home to purchase your new one, potentially reducing the need for additional financing or a bridge loan.
  2. You avoid the need for temporary housing or storage for your belongings, saving you time, money and hassle.
  3. You only have to move once, minimizing the disruption to your daily life and reducing the overall stress of the moving process.

Challenges of a Concurrent Closing

  1. Coordinating the timing of selling your current home and purchasing your new one can be challenging, as both transactions must align perfectly for a successful closing.
  2. If the sale of your current home falls through or is delayed, it could jeopardize your ability to purchase your new home, potentially leading to financial penalties or loss of earnest money.
  3. You may need to make concessions on the sale price or terms of either transaction to ensure a smooth closing, which could impact your overall financial outcome.

Steps to Successfully Sell and Buy a Home Simultaneously

Selling your current home and buying a new one at the same time can be a daunting task, but with careful planning and the right guidance, you can achieve a successful outcome. Here are the steps to follow:

1. Assess Your Financial Situation

Before embarking on a concurrent closing, thoroughly evaluate your financial situation. Determine how much equity you have in your current home and how much you can afford to spend on your new home. Consider obtaining a mortgage preapproval to understand your purchasing power and demonstrate your commitment to potential sellers.

2. Choose the Right Real Estate Agent

Working with an experienced real estate agent who understands the concurrent closing process is crucial for success. The Goldsmith Team, led by Brandon Goldsmith, a Columbus native with extensive knowledge of the local market, can guide you through the process, help you avoid costly mistakes and ensure a smooth transaction from start to finish.

3. Prepare Your Current Home for Sale

To maximize the value of your current home and attract potential buyers, make necessary repairs, declutter, and stage your home to showcase its best features. Your real estate agent can provide valuable advice on how to best prepare your home for the market, including recommendations for cost-effective improvements that will yield the highest return on investment.

4. Start Your New Home Search

As you prepare to list your current home, start searching for your new one. Make a list of your must-haves and nice-to-haves, and share this information with your real estate agent. They can help you find properties that meet your criteria, fit your budget and align with your timeline for a concurrent closing.

5. Negotiate and Coordinate Both Transactions

Once you have an offer on your current home and you’ve found your new home, your real estate agent will work diligently to negotiate the terms of both transactions. They will coordinate with all parties involved, including lenders, appraisers, inspectors and title companies, to ensure a smooth closing process and minimize any potential hiccups along the way.

6. Close on Both Homes

On the day of closing, you’ll sign the necessary paperwork to finalize the sale of your current home and the purchase of your new one. After the transactions are complete, you can move into your new home and begin the next chapter of your life.

Ready to Sell Your Home and Buy a New One?

Ready to sell your current home and buy a new one in Columbus, Ohio? Contact The Goldsmith Team today! Brandon Goldsmith, a Columbus native with a wealth of knowledge about the local real estate market, is dedicated to helping you navigate the concurrent closing process with ease. Let The Goldsmith Team guide you through every step of the process, from listing your current home to finding your perfect new one, ensuring a seamless and successful transition into your new home.

Frequently Asked Questions

What if my current home doesn’t sell in time?

If your current home doesn’t sell in time, you may need to explore other options, such as a short-term rental or a bridge loan, to facilitate the purchase of your new home. Your real estate agent can help you weigh the pros and cons of each option and determine the best course of action for your specific situation.

Can I buy a new home before selling my current one? 

Yes, it is possible to buy a new home before selling your current one. However, this may require you to qualify for two mortgages simultaneously or secure a bridge loan, which can be challenging depending on your financial situation and credit profile. Your real estate agent and lender can help you assess the feasibility of this option.

How can I ensure a smooth concurrent closing? 

To ensure a smooth concurrent closing, work with an experienced real estate agent who has a proven track record of successfully managing simultaneous transactions. Maintain clear communication with all parties involved, be proactive in addressing any issues that arise and be prepared to make concessions if necessary to keep both transactions on track.

At The Goldsmith Team, we buy and sell houses! If you still want an offer from us, or if you want to meet an agent that we recommend, click here now and fill out the form or call our team at 614-963-3340

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