Two Transactions At Once? The Top Real Estate Buying And Selling Questions
Do you need to buy a new home and sell your old one at the same time? If this is your first experience buying and selling at the same time, take a look at the top real estate questions homeowners have answered.
Should You Hire More Than One Real Estate Agent?
There's no standard answer to this question. While you technically can use the same agent for both transactions, you don't necessarily have to. Before you decide to (or not to) use one agent to buy and sell, consider:
- The agent's experience. Does your first-choice agent have experience with both types of transactions? If they don't have the experience level you expect, you need two agents.
- The agent's comfort level. How comfortable is the agent with both buying and selling? An agent who doesn't feel comfortable representing you in both transactions isn't the best choice for your needs.
- Your geographic move region. Do you want to move to the same area where you already live? If not, make sure the agent knows both markets well.
What should you do if your agent doesn't have the experience or comfort level you expect? Even though it's often easier to have one agent represent you in both transactions, you need someone who has the skills and knowledge to get you the best home at the best price possible. A high-quality agent should recognize their limitations and have the connections to refer you to another professional in their network.
Should You Have a Backup Plan?
In a perfect world, you would sell your existing home and buy a new one at the same time. But this isn't always possible. Even if you do sell and buy your homes on the same day, you may still have financial and logistic issues to work out. This means you need a backup plan. Your backup plan may include:
- A rental home. If you sell your home before you find a new one or before your closing, you'll need somewhere to stay. Choose a potential rental or another suitable housing option — just in case.
- An emergency fund. You found the home of your dreams. But you haven't sold your old one yet. If this happens, you may need an emergency fund to use as you wait for the profits of your home's sale.
- A storage unit. Some home buyers/sellers choose to live at a friend's house or in a hotel while they wait to move into their new property. These options may require the use of a storage unit to keep your furniture and other belongings safe and secure.
Talk to your real estate agent about your backup plan and potential needs. The professional can help you to understand what to expect and what you need to plan for.