Housing Watch: Buying a new house while selling

FRESNO, Calif. (KFSN) -- Selling a home has never been easier, but finding a property to move to has complicated the transition for many people.

Once you're approved and your financing is in order, a listing agent can help you time the sale and purchase.

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.

"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.
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