So you want to sell your Boston condo and buy a new condo. I am sure it must seem daunting to accomplish both. But yes, you can definitely buy and sell on the same day. It takes some coordination on the part of yourself, your real estate agent and any other parties involved. And as the market shifts more and more towards a seller’s market you may actually want to consider buying first if it is something you can afford to do.

Another alternative is renting short term if you can sell your current home or staying with a family member. This frees up your funds so you can move forward quickly when the right property comes on the market.

In the tight Boston market conditions you want to be the ideal buyer. Having a home to sell could potentially cause you to lose out on a new home. The key is to get some good advice for your individual situation. People like me who represent buyers and sellers for a living, know how to make sure you’re protected in both transactions, how to make sure you’re asking the right questions to make the right decisions, and how to manage both transactions so that they close on time without stress. Here are a few of my tips I’ve picked up along the way:

Get Protected!

To protect yourself when you buy a home you will want some wording in both your offer to purchase and your listing agreement.

On your listing agreement should read “Subject to finding suitable housing” which also needs to be disclosed on the listing sheet and MLS. Any offers signed by you should also include this wording. If you have not yet identified a property, there should be extra time on the closing dates to allow for a smooth and successful transition.

On the other side, when you purchase a property, it should read “Subject to the sale of (your current property address).” It doesn’t happen often but buyers back out of deals and you want to make sure you have the same option without penalty if your house is no longer under agreement.

I highly recommend that you meet with an experienced Realtor if you are considering selling and buying at the same time.

Ask the Right Questions!

1. What are the housing market statistics for both the area I want to sell and buy?

This can help determine in which order you should do things.

2. Is my current condo in tip top shape to receive top dollar in the least amount of time?

A good Realtor will not only help you determine market value but will have tips for getting your house in tip top shape. A nice home priced right will bring multiple offers!

Don’t Forget Key Dates!

If you do sell and buy on the same day it is important that your dates match up. You will want the buy side contracts to lag at least a few days behind the sell side for home inspection and Purchase and Sale but closing on the same day.

You would close on the same day at the local Registry of Deeds selling first to fund the buy side.

Yes! You can buy and sell seamlessly. It happens all the time!

If you’re thinking about selling in order to move up to a new home, feel free to contact me and I’m happy to answer questions for your specific situation.

Come to Our Boston Home Seller Class to Jump Start Your Home Selling Process!