How to Buy and Sell A Home at the Same Time: A Step-by-Step Guide

Hello! I’m so glad you found my blog. This question has come up more and more as the market has calmed a bit and the ability to buy and sell a home at the same time is more of an option again. With the right team on your side, buying and selling at the same time is not as tricky as you might think. In this blog, I’ll discuss how to be as prepared as possible if you’d like to make an offer on a home and sell your house all at the same time. Without further adieu, I present:

How to Successfully Buy and Sell a Home in Bellingham, Washington: A Step-by-Step Guide for Homeowners

Buying and selling a home at the same time in Bellingham, Washington might seem overwhelming, but with the right strategies it’s entirely possible—and it can be an exciting and rewarding experience! I have helped many past clients buy and sell a home at the same time over the course of my career. Whether you're upgrading to a bigger home, downsizing or relocating, juggling both transactions doesn't have to be stressful. As an experienced real estate agent, I'm here to guide you through the process with a simple, actionable roadmap.

Step 1: Start with a Strong Plan

The first step in buying and selling a home at the same time is to create a strong plan. It's crucial to understand your needs and timeline. Ask yourself the following questions:

• What is your ideal timeline?

• What areas are you considering for your next home?

• Do you understand how ‘contingencies’ work and what your options are?

• Are you willing to commit to a game plan based on your time, energy, and resources to achieve a successful sale?

• Are there areas around your existing home that need attention? Would any part of your home benefit from a little added TLC prior to listing it for sale?

• Are there any problem areas surrounding access or property lines, etc., to handle on the front end?

This is where having a local expert who knows the market is key. I can provide you with an analysis of current market trends, including the best time to list your property and what the market is like at the time you’re ready to buy. This information will allow you to be prepared for the type of offer you’ll likely write on your next home.

What does “type of offer” mean? There are a list of terms that go into writing a competitive offer. I always make sure my clients are well informed of the term options and feel prepared and confident going into an offer writing scenario. An informed and prepared buyer is a WINNING buyer.

Step 2: Assess Your Finances

Once you have a plan in place, assess your finances. Buying and selling a home simultaneously involves careful budgeting. Take time to calculate, often with the help of a lender:

• The equity in your current home - I create a careful market analysis to assist in this step

• How much you can afford for your new home

• Down payment requirements for your next property - or if you’ll pay cash for your new home with the equity from your existing home sale

I can help you work with trusted lenders to understand your loan options and get pre-approved for a mortgage. Other lenders also offer note worthy Bridge Loan Programs (Buy Before You Sell). You can check some lenders by visiting my buying page. This will give you a better sense of your budget when you start looking at homes in Bellingham. The more prepared you are, the smoother the entire process will go.

Step 3: Prep Your Current Home for Sale

In a competitive market like Bellingham, prepping and staging your home can make all the difference. A well-presented home not only sells faster but can also command a higher price. Here’s what you can do to get your home ready for potential buyers:

• Declutter and depersonalize each room to help buyers envision themselves in the space.

• Clean and repair any issues—small fixes can have a big impact.

• Consider professional staging services if needed, or do some minor updates (like fresh paint or updated hardware) to enhance your home’s appeal.

I’ll guide you through this process, helping to ensure your property stands out in Bellingham’s competitive market. Prepping a home can sometimes involve multiple contractors. My job is to carefully walk through your home and identify only the areas with the highest Return on Investment (ROI) that need attention prior to a sale. I will be as involved as you’d like - from providing recommendations to orchestrating the whole thing myself. I can also recommend several local stagers to support the transition of your home into selling mode. Additionally, we might look into the Compass Program called Compass Concierge, which might be an option for you, too. With this incredible “low to no fee” program you can access up to $25,000 with zero due until closing. A big perk of the program is that the balance can be paid directly out of your net proceeds. I’ve used it with much success and very happy clients, too!

Step 4: Start House Hunting then List your Home!

I advise getting really serious about your house hunt when have your home ready to list. When buying and selling your home at the same time it is important to have your home ready. Once your offer is accepted we’ll have 5 days to get your home listed on the market so you need to be prepped and ready to go!

As part of our initial listing prep meeting we’ll have determined the perfect listing price based on comparable homes in Bellingham to attract qualified buyers to your home. As your real estate agent, I'll make sure your listing is optimized to attract attention and will use targeted marketing techniques to get the most visibility possible.

Step 5: Coordinate Timings Between Buying and Selling

This is where timing can be tricky. The key is to ensure you don’t end up without a place to live in between the sale of your current home and the purchase of your next one. Here are some tips to navigate this challenge:

• Contingencies: Your offer will include a contingency to purchase a home that is contingent on the sale of your current property. While this may not always be possible in a competitive market, it can give you some peace of mind.

• Rent-Back Agreement: You can negotiate a rent-back agreement with your buyers, allowing you to stay in your home for a short period after closing based on the availability of the property you are buying.

• Temporary Housing: If timing doesn’t align perfectly, consider short-term rentals or staying with friends or family for a brief period while transitioning between homes.

As your real estate agent, I’ll help you navigate these potential timing hurdles and ensure the entire process runs smoothly.

Step 6: Close on Your Current Home and Buy Your New One

Now you’re PENDING on your new home AND the home you need to sell. Here’s what needs to happen next:

• Final Inspections and Appraisals: Make sure all inspections are done and appraisals are completed for both properties.

• Closing Documents: Coordinate with your lender, attorney (if applicable), and escrow company to sign all closing documents. I’ll keep you updated every step of the way to make sure the timeline is in sync.

• Confirm your mover and house cleaner: Whether you’re moving yourself or hiring a moving company now is the time to make sure everyone is ready to rock! Pro tip: a house cleaner can be one of the most valuable services to consider. One of the last things you want to deal with yourself is heading back into your house to clean it top to bottom! What’s even better - the local moving truck or house cleaner is ON ME!

Step 7: Celebrate Your Success!

Buying and selling a home at the same time is no small feat, but with careful planning, a trusted real estate agent by your side, and a clear vision for your future, you’ll make it happen. I’ll be with you every step of the way, ensuring that your experience is as smooth and stress-free as possible. Once everything is wrapped up, take a moment to enjoy your new space—you’ve earned it!

Why Work With a Local Bellingham Real Estate Agent Like Me?

When you're buying and selling a home in Bellingham, it’s essential to work with someone who understands the local market dynamics, neighborhoods, and unique challenges of this beautiful area. As a seasoned real estate professional in Bellingham, I offer personalized guidance and insider knowledge to ensure you get the best results.

If you're ready to take the next step in buying and selling a home in Bellingham, contact me even if you just want to learn more about the process. There is no commitment and no cost to give me a call to learn more about your situation.

---

Are you ready to buy your next property AND have to sell your house to do it? Contact me today for a free consultation! Let’s start making your real estate dreams come true.