Why Might You Buy and Sell a House on the Same Day?

If you are a current homeowner looking to purchase a new house for your family, you may be concerned about the timing of moving from one home to another. For that reason, you may be thinking about trying to buy and sell a house on the same day. While this can have its benefits, it can also be logistically complicated, and needs to be carefully planned to minimize any potential issues.

What Does it Mean to Buy and Sell on the Same Day?

When you want to buy and sell a house on the same day, it means that you organize the purchase of your new home and sale of your old home to happen all on the same day, one after another. In many circumstances, the situation does not allow for this, resulting in a gap between the sale of your old home and the purchase of your new home. That either means spending time in some form of temporary housing until your new purchase goes through, or briefly needing to maintain two homes simultaneously.

What is Involved in Buying and Selling on the Same Day?

In order to buy and sell on the same day, a number of scheduling factors need to line up exactly. Since the closing of both transactions needs to happen on the same day, you will need to ensure everything is arranged to happen on a precise schedule. This requires a significant amount of pre-planning from both a legal and practical perspective, and also requires ensuring that no problems arise at the last minute.

What Are the Benefits of Buying and Selling on the Same Day?

If you buy and sell a house on the same day, you can quickly move from your current home to your new home, without any awkward interim phase. This lets you quickly move on to settling into your new home without worrying about paying for maintaining your previous home, and without needing to find alternative housing in the meantime. When done correctly, the transition can be reasonably smooth, with minimal disruption to your life.

What Are the Potential Pitfalls?

Preparing to buy and sell a house on the same day can be fairly complex, and you need to make sure everything is prepared beforehand to avoid any last-minute complications. If any issues arise with either your purchase or sale, it can cause delays that can interfere with the entire process. That is why you should speak to real estate lawyers with experience arranging these kinds of transactions, who can ensure your transition to your new home occurs as smoothly as possible.

The New Jersey real estate lawyers at Riley and Gutman, LLC, are ready to assist you with your real estate transaction. We are committed to providing prompt, experienced and personal service to our clients, and will provide you with the legal support you need throughout your transaction and beyond. Give us a call at 731-431-0300, or visit our contact page for more information.