If you need to buy and sell a home simultaneously, there are three ways you can do so (assuming you don’t have the means to buy first and then sell).
The first is to close escrow on both homes at the same time (also known as “dual escrow”), but the tricky part of this method is that most sellers won’t accept an offer that’s contingent on another home sale—especially in a seller’s market like ours. Dual escrows are possible, but you need to get the timeline exactly right in terms of handing off the keys to the new owner(s) of your old home and getting the keys to your new home.
“Dual escrows are possible, but you need to get the timeline exactly right.”
Another option is to negotiate a leaseback agreement with your home’s buyer, which allows you to remain in your home after you sold it and bought your new one so you have time to make the move. It can either be a seven- or 15-day leaseback, but you’ll need to negotiate over whether the extra stay is free or there’s a per diem fee involved.
Finally, if you sell first, but you won’t get the keys to your new home for an extended period, or you haven’t found your new home yet, you can try temporary housing. In this case, you can stay at an Airbnb, a Vacation Rental by Owner (VRBO), or find another type of rental property that’s furnished on a monthly basis.
If you’d like to know more about coordinating a simultaneous transaction or you have any other real estate questions, don’t hesitate to reach out to me. I’d love to help you.
