Here’s how to buy and sell a home at the same time in New Westminster and Metro Vancouver.
In this video series, I’m sharing everything you need to know about selling your home while simultaneously buying your next home. Plus all the ins and outs of what the process looks like here in New Westminster and Metro Vancouver. As a realtor, my role is to guide you through this process, providing expert advice and support every step of the way. If we haven’t met personally yet – I am Elise Weatherby, REALTOR® and owner at Dogwood Realty. I’m proud to be among the top 10% of agents in the Vancouver area, with over two decades of experience. I’ve helped hundreds of homeowners buy and sell a home at the same time, and I am looking forward to helping you, too.
Buy first or sell first?
If you’re like most people I work with, and all your money is tied up in your current home, selling will be your best option. We’ll get your home listed and on the market, and when we find your buyer, we’ll negotiate a completion date (also called a closing date) that falls a couple of months into the future. You’ll use that time to look around and purchase your next home. When we make an offer for you to buy, we’ll negotiate the completion date that aligns with your sale. You’ll sell, buy, move in, move out. Everything flows seamlessly because we have negotiated a timeline in advance. The advantage of selling first is knowing exactly how much money you have to work with for your purchase.
On the other hand, if you buy first, you could end up carrying two homes at the same time. You need to be financially prepared and qualified if this happens. Let’s consider a scenario where you have a large lump sum like an inheritance or savings. If you want to buy before selling your home. In that case, we buy, and then we put your home on the market. The advantage of buying first is you can take your time to find the prefect home.
Aligning your moving dates when buying and selling your home
When you buy and sell a home at the same time, and it comes time to write an offer on your next home. You’ll have two important dates in your offer: the day you need to pay and the day you get the keys. These dates are called completion and possession. When you align a purchase and sale, you usually see the completion and possession dates spread over four days. You sell on day one, buy on day two, get the keys to your new home on day three, and pass over the keys to your old home on day four.
A bridge loan is another option for selling and buying a home simultaneously; you have more flexibility. You don’t have to move all in one day; you could take a couple of weeks or more. Qualifying for a bridge loan is going to be utterly dependent on your situation and your finances.
Making your deposit
When you purchase a home, even if you already own one, you still need a deposit and downpayment. If your downpayment is coming from your sale, you still need funds for your deposit before your sale closes. The first question people ask is, the buyers will put a deposit on the home that I’m selling, but you can’t use the buyer’s money. That money is held in a trust account until the closing. You’ll either need a deposit loan, a line of credit, or a home equity line of credit.
A home purchase deposit is generally 5%, so keep this in mind. The deposit becomes part of your down payment at closing, on your completion date. But in the interim, the time between making your offer and the time you close the sale, you need access to funds.
Get advice before making a decision
Buying and selling a home at the same time can be overwhelming, but don’t worry, I’m here to help! Every homeowner and property is unique, and I’d love to chat with you about your specific situation. Together, we can create a plan that works best for you. Reach out to me anytime, send me a message, call, or fill in the form on our website. I’m looking forward to helping you with your next purchase and sale!
