Buying & Selling Your Home Simultaneously – What You Need to Know

June 12, 2023

Buying & Selling Your Home Simultaneously

Introduction: What you need to know

When it comes to buying and selling your home simultaneously, there are both pros and cons to consider. Timing of buying and selling, logistics, financing, and equity of homes are common factors to be dealt with that can turn this dual process from a smooth ride to a hectic rollercoaster. Ultimately, deciding whether or not buying and selling your home simultaneously is the right choice for you will depend on your specific circumstances and goals, but it’s important to consider all the options to make it a seamless transition.

Should You Temporarily Rent? 

One option to consider when simultaneously buying and selling is renting a temporary space to bridge the gap between selling your current home and buying a new one. This can help alleviate the stress of trying to coordinate closing dates and moving all in one fell swoop. Renting can also provide flexibility in case the closing on your new home is delayed or falls through, allowing you to avoid potentially losing your deposit or facing a gap in housing. While renting may add an extra expense, it can be worth it for the convenience and peace of mind it provides. However, renting can also come with its own set of challenges. For example, it can be difficult to find a rental property that meets your needs and fits within your budget. Additionally, you may be required to sign a lease for a set period of time, which can be problematic if you end up finding a new home sooner than expected. That being said, many people find that renting is a great option for them when buying and selling a home simultaneously.

Get a Bridge Loan?

One of the biggest challenges of this process is ensuring that you have the funds to purchase your new home before selling your current one. This is where a bridge loan comes in handy. A bridge loan is a short-term loan that is designed to bridge the gap between the sale of your current home and the purchase of your new one. This loan can provide you with the necessary funds to make a down payment on your new home while you wait for the sale of your old one to go through. 

When considering a bridge loan, it is important to keep in mind that they typically come with higher interest rates and fees than traditional loans. However, they can be a useful tool for those who need the funds to purchase a new home before selling their old one. It is also important to have a solid plan in place for selling your current home, as the funds from the sale will be used to pay off the bridge loan. 

Or a Lease-back?

Another option to consider is the lease back option, in which the seller can stay in the home for a predetermined period of time after the sale. This can provide the seller with more time to find their new home and move out without rushing, while also giving the buyer a guaranteed income during the leaseback period. It's important to negotiate the leaseback terms before finalizing the sale to ensure that both parties are satisfied with the arrangement. This option can be beneficial for both the buyer and seller, as it allows for a smoother hand-off and avoids the stress of trying to move out and move in on the same day. 

Precautionary Steps

There are a lot of moving parts when it comes to buying and selling a home, and timing is an essential component to get right. In order to minimize constraints, the seller should start looking for homes once their current property is under contract. This gives the seller enough time to find something new, while their buyers, in the case of a condo or co-op, are awaiting approval from the board and while their bank is underwriting the loan, if financing. Typically, you can anticipate to close anywhere from 30 - 90 days post contract signing in New York City depending on the property type.

When the selling and buying processes align, there is a massive decrease of potential issues that could arise. If there is tight inventory, then the seller has leverage over the closing date which could potentially give them more time to find a house to buy. It is very rare for a home purchase to be contingent on the sale of your home in New York City, so we always recommend listing first in order to have the proceeds from the sale readily available to put towards your next purchase. 

Featured Blog Posts

Market Reports

May 2024 Market Report: Manhattan and Brooklyn

By The Randy Baruh Team / June 6, 2024

Blog

Rockefeller Center

By The Randy Baruh Team / December 15, 2022

A Holiday Guide to one of NYC's most iconic holiday attractions. Dinner, Ice Skating, toys, and the tree

Blog

Bryant Park

By The Randy Baruh Team / December 15, 2022

A Holiday Guide to Bryant Park. The park is one of the world's busiest public spaces, especially during the holiday season when the holiday market and skating rink open up. Check out our Holiday Gu...

Blog

Leaning into Video

By The Randy Baruh Team / December 15, 2022

Corcoran Group broker, and former theater director, Randy Baruh talks with RisMedia and shares how he leverages video and social media to grow his business.

Market Reports

April 2024 Market Report: Manhattan and Brooklyn

By The Randy Baruh Team / May 20, 2024

Blog

What You Need to Know When Buying a New Development in NYC

February 6, 2023

Gain essential insights into the key factors to consider when purchasing in a new development property in NYC.

Blog

The Essential Guide to Estate Planning for Property Owners

March 6, 2023

Discover the comprehensive guide to estate planning for property owners in New York City, empowering you to navigate the intricacies of preserving and transferring your assets with confidence.

Blog

Buying & Selling Your Home Simultaneously – What You Need to Know

By The Randy Baruh Team / June 12, 2023

Market Reports

February 2024 Market Report: Manhattan and Brooklyn

By The Randy Baruh Team / March 7, 2024

Market Reports

Brooklyn Local Townhome Report Q4 2023

By The Randy Baruh Team / February 20, 2024

Market Reports

Manhattan Local Townhome Report Q4 2023

By The Randy Baruh Team / January 29, 2024

Market Reports

January 2024 Market Report: Manhattan and Brooklyn

By The Randy Baruh Team / February 5, 2024

Market Reports

December 2023 Market Report: Manhattan and Brooklyn

By The Randy Baruh Team / January 1, 2024

Market Reports

Manhattan Q4 Market Report

By The Randy Baruh Team / January 3, 2024

Market Reports

November 2023 Market Report: Brooklyn and Manhattan

By The Randy Baruh Team / December 14, 2023

Market Reports

Brooklyn Local Townhome Report Q3 2023

By The Randy Baruh Team / November 20, 2023

Market Reports

October 2023 Market Report: Brooklyn and Manhattan

By The Randy Baruh Team / November 16, 2023

Market Reports

Brooklyn Q3 Market Report

By The Randy Baruh Team / October 17, 2023

Market Reports

Manhattan Quarter 3 2023 Market Report

By The Randy Baruh Team / October 16, 2023

Market Reports

Manhattan Q2 2023 Market Report

By The Randy Baruh Team / August 16, 2023

Market Reports

August 2023 Market Report: Brooklyn and Manhattan

By The Randy Baruh Team / September 22, 2023

Market Reports

Brooklyn Local Townhome Report Q2 2023

By The Baruh Team / July 17, 2023

Press

Kate Moss and Johnny Depp's former Greenwhich Village Apartment Hits the Market

By The Randy Baruh Team / August 11, 2023

Press

If You're Not Leaning Into Video and Social, You're Going to Get Passed By

By The Randy Baruh Team / August 11, 2023

Press

Greenwich Village Residence Where Kate Moss Lived in the '90s Seeks $15.5M

By The Randy Baruh Team / August 11, 2023

Press

Kate Moss and Johnny Depp's Former NYC Love Nest asks $15.5M

By The Randy Baruh Team / August 11, 2023

Market Reports

Brooklyn Q1 2023 Market Report

April 13, 2023

Press

How Randy Baruh Uses AI for Real Estate Listings

April 11, 2023

Market Reports

Manhattan Q1 2023 Market Report

April 11, 2023

Market Reports

Luxury Market Report - November 2022

By The Randy Baruh Team / January 6, 2023

Market Reports

Manhattan Q3 2022 Market Report

By The Randy Baruh Team / October 29, 2022

Blog

7 Things to Evaluate When Buying a Property

By The Randy Baruh Team / November 28, 2022

New York City is one of the most vibrant, bustling places in the world. It's a mecca for foodies, fashionistas, and culture aficionados. And, of course, it's an amazing place to call home. But if y...

Market Reports

November 2022 Market Report: Manhattan & Brooklyn

By The Randy Baruh Team / December 15, 2022

Blog

Investing in NYC Real Estate

By The Randy Baruh Team / November 29, 2022

Investing in real estate is a big choice to make, especially in NYC. Here are 6 things to keep in mind when purchasing an investment property, especially if you want to eventually rent it out.

Market Reports

October 2022 Market Report: Manhattan & Brooklyn

By The Randy Baruh Team / November 29, 2022

Blog

Buying Your First Home

By The Randy Baruh Team / September 20, 2022

Buying a home can be overwhelming but we’ve got you covered! Here are the top 5 things to know during your real estate hunt for a home or apartment in New York City (whether that’s Brooklyn, Manhat...

Blog

New York’s Competitive Luxury Market: Hot or Not with Tom Ferry

By The Randy Baruh Team / October 18, 2022

Partnered listings… Why would you anyone want to take half commission on a transaction when they could go for the whole things? Well, what if it meant way more transactions and your ticket into the...

Blog

How Higher Interest Rates Impact Home Purchases

By The Randy Baruh Team / October 21, 2022

Anyone who's in the market for a new home or considering refinancing their current home loan is undoubtedly keeping a close eye on interest rates as they're one of the most critical factors in dete...

Market Reports

Brooklyn Q3 2022 Market Report

By The Randy Baruh Team / October 29, 2022

Blog

How to grow on TikTok

By The Randy Baruh Team / September 21, 2022

Looking to grow your following on TikTok? Listen to NYC Luxury Realtor Randy Baruh share his insane story of how he garnered a massive following of over 300K followers on TikTok in under 1 year! Le...

Market Reports

Luxury Market Report - August 2022

By The Randy Baruh Team / October 7, 2022

Blog

How The Randy Baruh Team Markets Differently

July 7, 2022

Join top real estate agent Randy Baruh as he sits down to share exclusive insider marketing strategies. When listing your home for sale, Randy and his team go above and beyond to market your home s...

Blog

Top 5 Things You Need to Know When Selling Your New York City Apartment

By The Randy Baruh Team / June 30, 2022

Before you sell your home, read this blog post, which covers some of the most important questions: How do you find the right real estate agent? When is the best time to sell? Which season will bri...

Blog

Co-Ops vs Condos: Which One is Best?

By The Randy Baruh Team / June 24, 2022

The age old New York City buying question: Condo vs Co-op? You have a lot of questions and we have answers! What is a condo? What is a Co-Op -- and what’s the difference between them? Which is more...

Blog

Why to use a Buyer's Broker in NYC

By The Randy Baruh Team / July 4, 2022

Buying a home can be a daunting task--especially when you're buying in one of the most sought after cities in the world. Not only do buyer’s brokers have exclusive market information, they can actu...

Blog

Should I Rent or Buy in New York City?

By The Randy Baruh Team / September 21, 2022

Owning vs renting? In New York City it’s a huge debate! Which is a better investment? When should you buy a home? Luxury Realtor Randy Baruh explains when you should sign a lease vs put in a bid on...

Blog

Randy Answers the Biggest Questions

By The Randy Baruh Team / September 21, 2022

Your biggest questions about renting or buying in New York City! What New York City neighborhood offers the best value? The most bang for your buck? Manhattan vs Brooklyn? What are some tips for re...

Market Reports

Monthly Market Report - August 2022

By The Randy Baruh Team / October 7, 2022

Market Reports

Brooklyn Townhouse Report: Q1 & Q2

By The Randy Baruh Team / October 7, 2022

Press

On the Market: Harlem Charmer

By Corcoran / November 11, 2015