How to Buy and Sell Philadelphia Real Estate at the Same Time

How to Buy and Sell Philadelphia Real Estate at the Same Time

  • Douglas Pearson
  • 07/12/22

The logistics required when buying and selling a house simultaneously can be tricky, especially in a challenging market. If you’ve been following the Philadelphia real estate market trends for the last few years, you probably know it’s been nothing short of complicated. When buying and listing your Rittenhouse Square home for sale simultaneously, there are some obstacles you’ll face. These may include predicting when the house will sell, determining what to offer for your dream home, ensuring your current residence sells, and timing the sale to secure the funds for a down payment on your new home, if necessary.

There are several moving variables to consider when selling or purchasing a home. Read on if you’re looking for ways to increase your chances of buying and selling simultaneously. Things may not go according to plan, but there are several ways in which you can set yourself up for success.

Ask for an extended closing

Has your search for Rittenhouse Square homes for sale led you to your dream home? You have options if you’d like to make an offer on a home but need the funds from your current home to satisfy the offer. One way you can buy more time is by asking for an extended closing.

This can be tricky in a seller’s market, wherein the seller has the advantage and is likely to receive multiple offers. However, it’s not impossible. If you’re hoping to get into your dream home before you’ve sold your current home, request an extended closing as a contingency of the offer on the new house. If the seller accepts your offer, this confirms they are on board with waiting until your current home sells to receive the down payment on your new home.

Prepare your current home beforehand

Expect the unexpected when it comes to the homebuying process. While you can and should plan, there are always elements of the process beyond your control. The best way to set yourself up to sell your home before or at the same time as buying a new home is by putting into motion the things you can control. Rittenhouse Square real estate ebbs and flows, so it can be challenging to control the rate at which a house may be bought or sold. However, the one thing you can control is the preparedness of your current home.

If you’re hoping to sell and buy at the same time,  make sure you’ve taken care of all the nitty-gritty details of preparing your home. Homelight suggests cleaning, decluttering, staging, and taking care of the maintenance or repairs of your current home before starting the search for your new home. Once you've fully prepared your existing home for sale, reach out to an agent. Douglas Pearson and his team are skilled in staging, marketing, and listing your Rittenhouse home for sale.

Make an offer contingent on selling your current home

Have you found the perfect Rittenhouse Square real estate but need to sell your current home first? Make a plan with your realtor to add a contingency into the offer. Remember that during a strong seller's market, contingencies can complicate the home buying process when putting in an offer on your dream home. Your realtor can best advise you on making the offer contingent on selling your current home and what that might mean in your specific situation. Douglas Pearson and his team have years of experience helping countless buyers navigate contingencies with their offers.

Make an offer contingent on inspection and appraisal

Are you close to selling your current Rittenhouse Square real estate and ready to purchase your next one? You may be able to buy yourself a little extra time by adding some contingencies to your offer. Again, contingencies can sometimes hurt your offer, so it’s best to consult with your agent first before making any moves. Typically a buyer is given anywhere between five days to two weeks, depending on the terms of the agreement days to complete appraisals and inspections.

Use a HELOC for the down payment

A home equity line of credit (HELOC) is a line of credit. However, unlike other lines of credit, such as credit cards, you may use a HELOC for home purchases, upgrades, and remodels. There are several benefits to using a HELOC, the first being that you are only required to pay interest on the amount you borrow. In addition, you may use as much or as little as you need of the approved amount, you can pay off the balance and use it again for things like remodels, and you can pay it much like you would a credit card.

The team at LendingTree advises buyers to weigh their options when it comes to borrowing for a down payment. It’s essential to make sure that the extra monthly payment is possible for you and your family before any commitments. If you’re hoping to use the equity from your current home as a down payment but have yet to sell your current home, a HELOC is a great option.

Consider a lease-back

So, what is a lease-back exactly? A lease-back is a way for sellers to rent their homes temporarily after selling. Sellers can request to lease their property 60 days from the new owner after the sale.

If you’re waiting to sell your current home, requesting a lease-back from the buyers is a great option. This will buy you and your family the time and space you need to live comfortably while your current home sells. Another benefit to a lease-back is saving on moving costs. You won’t have to hire movers twice while staying in temporary housing if you can remain in your former home.

There are no success guarantees if you’re looking to buy and sell your home simultaneously. However, using these tips will make the transition smoother on all sides.  A little help from the team at Douglas Pearson Realty won’t hurt either! Whether you’re looking to buy, sell, or do both, Douglas Pearson Realty has got you covered. Reach out today and start the hunt for your new Philadelphia property tomorrow.

Work With Douglas

With decades of sales and marketing successes behind him, Doug Pearson is a leading Realtor in the greater Philadelphia area and a top salesperson in Kurfiss Sotheby’s International Realty. He has extensive experience selling new construction and land along with estate homes, city condominiums, and investment properties.