Juggling Two Escrows

Buying a new home and selling the old one at the same time can be exhilarating and extremely stressful. Both properties may not close concurrently, even with the best of intentions. Homeowners can mitigate the problem by employing the following strategies.

As a seller, give preference to pre-approved prospective buyers and get pre-approved yourself. It helps to know early how much house you can afford.  Allow extra time for the full transaction when buying and selling at the same time and look for flexibility on closing dates. Sometimes you’re better off selling to a first-time homebuyer rather than a high bidder who has to sell his or her house first. If you have to buy a new house before selling your current home first, add a clause saying your offer is contingent upon the successful sale of your property.