The Process of Buying and Selling a House in the Same Day

While it does require some planning, buying and selling a house and closing on the same day is possible and often recommended. Scheduling both closings on the same day requires cooperative buyers and sellers, a knowledgeable closing attorney and title company, an experienced realtor, and a flexible mortgage lender.

One of the advantages of buying and selling a house at the same time is that you can use the sale funds to purchase your new home on the same day. Additionally, you will only need to move one time, and you will not need to arrange for temporary housing or storage solutions.

To start the process of buying and selling a house, ask your real estate agent if the market is a buyer's market or a seller's market. It is essential to have a solid understanding of the housing market in both the area you are buying in and your current area. This critical information lets you and your realtor strategize to your best advantage. Your realtor's plan will depend on whether or not sellers or buyers dominate the market.

If it is a seller's market, you may sell your home quickly, but there may not be many available homes in your desired area. If possible, keep an open mind toward lots of different buying options. Widening your search and finding multiple homes you are interested in will allow for more options should a purchase fall through while your current home continues through the sales process.

If it is a buyer's market, the market is full of homes looking for buyers, increasing the likelihood that you will need to price your home competitively to sell in your desired timeframe. Your real estate agent will help you determine a reasonable price to attract buyers and set you apart from the competition. Be open to price negotiations to avoid paying two mortgages and realize your desire to buy and sell a home on the same day.

Ideally, you would move to a city with a buyer's market and leave a city with a seller's market. This scenario allows you to realize the highest selling price for your house and purchase a new home at the lowest possible price. The reality is that multiple factors affect the housing market. Different cities can have unique housing markets.

You will also need to factor in the time of year. Families often want to move in the late spring and summer, so those are popular months for real estate transactions. Areas with heavy snowfall typically see a slower market in the winter. Your real estate agent will be able to notify you of other factors to consider.

Preparing your home for sale is an essential step in the process of buying and selling a home on the same day. The more prepared you are, the smoother the process will be. Start a list of the items that need attention, such as paint, landscaping, household repairs, and decluttering. Hire professionals when possible to make the tasks less daunting. Waiting until the last minute to tackle these jobs could mean selling your home for less money. Your home needs to be in great shape at the same time you are putting an offer on a new home.

More time is imperative to avoid delays when planning for a double closing. Additional time allows for potential unexpected setbacks such as miscommunication by an appraiser, repairs taking longer due to supply chain issues, inclement weather, title problems, and more. Avoid unnecessary stress and plan on a 45- to 60-day closing window instead of a 30-day closing. However, if all of the cooperating parties are in agreement, you may be able to close on your old house and your new home on the same day more quickly.

Once you decide to sell your home and purchase a new one on the same day, do not delay scheduling inspections. Depending on the house, you may need to arrange for multiple assessments. Here are a few to consider:

 

Scheduling a double closing requires an experienced realtor who understands the value of negotiation skills, organization, communication, time management, and market knowledge. Closings almost always have at least one unexpected hiccup. By using an experienced realtor who has seen it all, you can rest assured that buying and selling your house on the same day will occur.

You can further simplify the process by using the same realtor to buy and sell your homes. Your realtor will have insight and control over the transactions to ensure both houses close on the same day. Of course, if you are moving out of state, this may not be possible. Ask your local real estate if the same brokerage firm is available in the state you are moving to, keeping things more cohesive.

If the funds from the sale are needed to purchase a new home, you must close on your old house first. Sellers must have their sale finalized and recorded before buying their new home. Therefore closing in the morning is best. This way, both closings will be funded and recorded on the same day, especially if wiring funds between institutions.

Additionally, avoid closing on a Friday or in the late afternoon. Your agent will determine the optimal timing since bank transfers can take time to process. Bank transfers usually stop at 3 p.m. in the local time zone. By closing in the morning, you allow extra time for the deposit to occur.

With the added complexity of buying and selling a home on the same day, communication is imperative to keep all involved parties aware of the schedule and meet expectations. Clear communication helps to resolve issues sooner so you can experience a smooth closing process. 

For a realtor who is buyer and seller-focused, contact Tori Turner. Her customized marketing strategies, unparalleled service, proven negotiation skills, and thorough understanding of real estate intricacies make her an ideal partner for your next property transaction. Reach out today to contact Tori or view available properties.