A double transaction means you’re selling your home at the same time as you’re buying your next one. Over the last 19 years in real estate, I’ve helped hundreds of clients with double transactions.
It gets tricky because you’re handling the buying and selling processes at the same time, meaning you deal with twice as many home inspections, appraisals, and negotiations. Though it can be a complex process, it’s certainly achievable, and today we’ll be telling you how to do it.
Before doing anything, find out what your home is worth. Work with a Realtor who will provide you with a net sheet and help you find out your market value; this will give you an accurate approximation of what you’ll be walking away from the sale with.
With this amount, go to a lender and get pre-qualified; this will also show you what you should use as a down payment. With all this, you’ll know the price point you should be looking at for your next home purchase.
I suggest you find out what’s on the market before you list your own home. You should have five to seven homes that you’re interested in and can make an offer on before listing.
Next, it’s time to market your home with an aggressive agent who can get the job done. When it goes under contract, go out to the aforementioned homes you’re interested in and make an offer that’s contingent upon your own home sale. Once your own home is under contract and has passed the inspection process, it’s much easier to get your offer accepted on a purchase.
It’s a great idea to have an agent who will represent you in both the buying and selling transactions. It’d be even better if they had an escrow coordinator who can organize the timelines and deadlines of each sale, ensuring you have a smooth closing. Your agent should also be working with lenders, title companies, and so on.
There are a lot of details that need to be hammered out, but, fortunately, we have handled these sales hundreds of times. If you are interested in orchestrating a double transaction in your next sale, have any questions, or need further information, feel free to reach out to us. We look forward to hearing from you soon.