Once you're approved and your financing is in order, a listing agent can help you time the sale and purchase.
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There are a number of ways to go but the closing dates can be negotiated -- you can also work out a deal that allows you to remain in the home while you rent back the house for a short period of time.
The art of selling your house and buying another home at the same time can sometimes be a tricky endeavor - especially when dealing with today's fast-moving market
"I would never put anyone in a position where we're just slapping their home on the market and we don't know what's happening after that. I would never do that because ultimately, you're going to back yourself into a corner and you're not going to be happy," says Iron Key Real Estate Agent Chelsea Soares.
Soares reminds families looking to take advantage of the hot sellers' market to have a plan before listing your home.
If you sell your property before buying, you might get stuck with nowhere to go after the sale closes.
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"The option that I've been utilizing the most with sellers recently is negotiating a "rent back," meaning they're selling their home so they have the cash-on-hand to not be a contingent offer on their next purchase so they are renting for a specific period of time," she said.
Other experts warn if your timing is off just a bit and you don't have a plan in place, you could end up missing out on an opportunity to upgrade your living situation.
"I've seen so many people coming in, they've sold their home and made $60-$80 grand but they sold their 1300 sq. ft. home and now they've been living with their friend and prices have gone up so much he's going to get a lesser quality of what he sold because prices have risen so much," says Wilson Homes sales manager Ryan Pottorroff.
Negotiating a rent-back situation allows the seller to capitalize on the equity they have while putting themselves in a better position to buy
"It allows you to look at homes as a buy only now without having to worry about selling your home. You are no longer going to be a contingent offer," says Soares.