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Selling and Buying a Home Simultaneously: What You Need to Know
Navigating the process of selling your home while buying a new one can feel overwhelming, but it doesn’t have to be. With the right strategy, you can make the transition seamless, stress-free, and financially sound. Here’s a breakdown of how to sell your property and purchase a new one at the same time, tailored to the Kelowna real estate market.
Option 1: Buying Before Selling
You can start by finding your dream home and writing an offer subject to selling your current property. This option provides some security but often includes an escape clause, meaning the seller can accept other offers while yours is conditional. Additionally, you may need to offer a higher price to make your offer attractive, as it’s perceived as less secure.
Option 2: Selling Before Buying
Alternatively, you can list your home first and secure an accepted offer. Once your property is under contract, you’ll be in a stronger negotiating position when making an offer on your new home. This method reduces risk and often leads to smoother transactions.
Timing and Bridging the Gap
Coordinating dates is critical when selling and buying. Here’s how it typically works:
Step 1: Complete the sale of your current home on a Monday.
Step 2: Transfer funds and complete the purchase of your new property on Tuesday.
Step 3: Gain possession of your new home and have two to three days to move your belongings.
If you need more time between transactions, bridge financing or a line of credit may be required to cover the period when you own two properties.
Pro Tips for a Smooth Move
Plan Ahead: Have 85% of your packing done before possession day. Use storage solutions like a moving truck or portable storage container to streamline the process.
Communicate Clearly: Work with your Realtor® to ensure all timelines and logistics align between both transactions.
Be Flexible: Every situation is unique, so adaptability is key.
P.S. If you live in or near Kelowna BC, and would like to discuss your personal situation to find out how we can make your transition stress-free give me a call at 250-801-8725!
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