Can I Sell My Home in Franklin and Buy Another Home at the Same Time?

Selling your Franklin home and buying another home at the same time. Yes, many homeowners have been in your situation and were happy to find that they were able to complete both transactions.

“Rich, can I sell my Franklin home and then purchase another home at about the same time?”

Yes, you can sell your current home and purchase another home at the same time. This is a very common transaction that many people complete.

However, there are many moving parts and it can get very complicated if you do not have a plan of action before you list your Franklin home.

There is good news. Most of the issues involved in buying and selling a home at the same time can be addressed prior to placing your home on the market.

It would help me to discuss several items with you prior to listing your Franklin home including: 1. What your Franklin home could sell for; 2. What you are still paying on your Franklin home; and 3. How much money you will have after paying off your Franklin home.

Why?

For the purpose of determining how much money will be left after selling your Franklin home, we will determine the estimated selling price of your Franklin home, and get an estimate of your outstanding mortgage(s) on your Franklin home.

Next, I want to get you connected with a lender to get pre-approved and we can discuss whether you’ll be selling your Franklin home prior to buying your next home, or if you can qualify to purchase your new Franklin home before selling your current home.

Those are two very different situations.

Most people sell a home before purchasing another.

We list your Franklin home, get it sold and work around the close date to time your purchase just right.

Generally your offer will be contingent on the closing of your Franklin home, and the seller will look at your offer much like they would for any other buyer (taking into account the other terms of your offer, such as purchase price, closing date, liabilities, etc.).

Yes, we are trying to negotiate one transaction. However, that transaction is now two transactions. We need to try to negotiate both transactions and make sure that both close properly.

Absolutely. I've done plenty of these.

We close on your first home, your receive funds at closing and you use those to help purchase your new home.

But it requires coordination between lenders, title companies, and more. Sometimes one transaction can affect the other so we must have contingency plans.

One little delay in either home’s closing can cause problems with the other home. So, we always have “Plan B”’s in place in case something comes up.

While we might hope for the closings on both homes to be on the same day, they can occur on a different day, depending on the closings and on how the funds will be disbursed. Of course, we would want to try to coordinate the closings to occur on the same day, but that is not always possible and there are many factors involved.

Sellers worry that their home won’t sell, and then they worry that it will sell too quickly.

Even if your Franklin property sells quickly, you don’t have to sell it on the date of the buyer’s choice.

The closing date is part of the negotiation.

Most homeowners want to look at more than the sales price of their Franklin home. The close date, and the conditions surrounding the close, are extremely important when the homeowner is also purchasing another home.

Then we look at your options.

Of course, there are the situations where you can buy your next home first and we can list your Franklin home for sale after that. In many cases, this is the easiest way for people to move. It saves them from having to pack, show a home and move in a short amount of time.

And I don’t want you to be sightless to the financial risk of carrying two homes.

That is something we can discuss prior to writing an offer to purchase.

If you’re going to be looking to move from your home in six months, we can start estimating your current equity and begin reviewing loan options, property searching and strategies to meet your needs.

We can calculate the amount of equity you have in your home, discuss your financing options with a lender, begin looking at homes and develop a plan on how you can complete your home sale and purchase in the time frame you desire.

Local Realtor Franklin WI – don’t wait until you have located your future home to get the advice of a Realtor.

We can sell your Franklin home and Buy another Home at the same time!

The trick isn't hoping everything falls into place.

It's putting a plan together so it does.

See how I sell homes in Franklin and how I help buyers in Franklin. I'm Rich Barnes with Realty Experts, and I answer the phone: 414-899-8146.