Is it hard to buy and sell a house at the same time?
If you’re buying in a seller’s market, there’s no way around it: you need to make quick decisions to secure your property. Likewise, selling in a buyer’s market can take time, and you can’t rely on completing a deal before you need to move. In these instances, buying and selling at the same time may be unavoidable. With this in mind, it makes sense to plan for the process.
But you still have negotiating power
If you still have a property, you have significant room to negotiate. Should the the deal fall through, you can simply stay in your current home. However, if you’ve lined up a lucrative sale, you don’t necessarily have to rush to buy: it could be more sensible to rent temporarily. You may also be able to arrange a 60–90-day rentback agreement when you sell your current property; these allow you to remain in your home after the sale for an agreed period while you secure a new place.
Options when buying and selling a house at the same time
Your real estate agent and solicitor should be able to advise you on how long buying and selling a house at the same time will take. That doesn’t mean it’s out of your control; if you’re worried you won’t sell your property in time, you can sometimes delay the purchase process. For example, you could encourage the seller to extend the closing date by offering to release the buyer's earnest money deposit early.
Local laws can affect a deal
Sometimes, legal considerations can make the process of buying and selling at the same time slower or more expensive. In France, for example, you'll need to pay the notaire's fees, which cover certain costs relating to the sale and are set on a sliding scale depending on the property's tax bracket. You might also find it tricky to pay the deposit in countries like Germany, where deposits are typically high. In these cases, you may need to make additional financial arrangements.