Mastering the Art of Buying and Selling a Home Simultaneously

WORDS BY – Brodie Low

8 Strategies to Achieve Your Dream Move

If you are trying to sell your home with plans to buy another (within the same time frame) here are our GPC tips to consider:

1. Simultaneous settlement: This involves coordinating the sale and purchase settlements to occur on the same day. This can be challenging, but it eliminates the need for temporary accommodation and reduces the time between moving out of your old home and moving into your new one.


2. Bridging finance: This is a short-term loan that can be used to cover the gap between the sale of your old home and the purchase of your new one. It can be costly, but it can give you more time to find the right home without having to worry about selling your old one.


3. Sell first, then buy: This involves selling your old home first, then using the funds from the sale to buy your new home. This eliminates the need for bridging finance, but you may need to find temporary accommodation or negotiate a longer settlement period.


4. Buy first, then sell: This involves buying your new home first, then selling your old home. This can be risky, but it can give you more time to find the right home without having to worry about selling your old one.

5. Rent back: This involves negotiating with the buyers of your old home to rent it back from them for a period of time while you find your new home. This can be convenient, but it can also be costly and may limit your options when it comes to finding a new home.


6. Contingency offer: This involves making an offer on a new home that is contingent on the sale of your old home. This can give you more time to find the right home, but it may not be accepted by the seller and can limit your options.


7. Negotiate settlement dates: This involves negotiating the settlement dates for both the sale of your old home and the purchase of your new one to ensure they are as close together as possible.


8. Work with an experienced GPC real estate agent: An experienced agent can help you navigate the complexities of buying and selling a home simultaneously and provide you with options and strategies that work best for your situation.

Pairing settlement timing when selling and buying another can be a convenient and cost-effective way for buyers and sellers to complete two property transactions at the same time. It offers greater control over the settlement process, simpler negotiations, and reduced costs associated with multiple settlements. However, there are also some disadvantages to consider, including the higher risk of one party being unable to settle on time, time pressure, complexity, and limited flexibility in terms of timing.
Ultimately, the decision to pursue simultaneous settlement will depend on the individual circumstances of each transaction. Buyers and sellers should carefully weigh the pros and cons and assess their tolerance for risk before making a decision. In some cases, simultaneous settlement may be the best option, while in others, separate settlements may be more appropriate. Working with experienced real estate agents, conveyancers, and legal professionals can help to minimise the risks associated with simultaneous settlement and ensure a successful transaction.


Related Posts