Once you’ve accepted an offer on your existing home you may feel like time is running out. You’ve now got a finite window to run out and find a place to buy or to rent  before the sale of your home closes. Don’t despair. What you’re experiencing may feel like you’ve put yourself into a bit of a bind, but it can actually be the preferred way of buying your new home and selling your old one. Here’s why:

  You’re a serious buyer                        

Potential home sellers know that you’re motivated to buy, that you’re not looking to mess around and that you’re in the position to be able to take your business elsewhere if need be. If sellers know that you have a buyer lined up for your current home, this acts as a sign to them that you’re looking to take them to the closing table with little fanfare, making you an attractive buyer when it comes to considering your offer.

   Freeing up liquidity                    

If banks know the sale of your current home is pending, you’re much more likely to secure a new home loan at a favorable rate. It can also free you up to make a much more sizable downpayment, which can make your bid more attractive to sellers. Heck, if you’re looking to downsize or the sale of your home gives you enough cash on hand you may be in a position to make a cash offer, which could put you firmly in the driver’s seat when it comes to negotiating the price of your next home.

   Your timeline just got flexible

Let’s say the worst scenario happens, and you’ve successfully sold your home without purchasing a new one. Now, you’re living with relatives, you’re in a short-term rental or maybe even a hotel. All of a sudden your deadlines have gone out the window. While yes, you may find yourself vying for a position in the bathroom queue of your current cramped quarters but what you’re experiencing is only a little temporary discomfort —sacrificing in the short term for what’s sure to pay dividends in the long run. Now, you’re in a position to purchase the right home for you at the right price when it comes along, and you’re not at the mercy of anyone’s timeline.

Having accepted an offer on your home before purchasing a new one can be a scary scenario, but it isn’t necessarily an unenviable one if you’ve got the stomach for it — and if you’ve got us.

We’ll walk you through the step-by-step process of what to expect as you navigate the waters of selling your home. We can even help you secure a deal on a great rental property with flexible terms that’ll let you pull the trigger on the right house when it comes along.

Unless you’re a first-time homebuyer or a renter looking to buy, figuring out what to do with your old home while you’re looking for a new one is one of the biggest challenges facing any home buyer. It puts you in a sort of limbo — a chicken or the egg scenario in which you feel like you don’t know which to do first, buy a new home or sell your existing one.

You’re in good company. Thousands of Americans face the same quandary every year and the vast majority make it through the process of buying before selling unscathed.

Here are some reasons for you to consider buying a new home before selling your existing one:

   It’s a seller’s market                         

For the last several years and for the foreseeable future — the country and the D.C. area in particular — has been a seller’s market. That means we have less inventory than we have buyers. Nothing is guaranteed, but it makes the idea of buying a new home before selling your existing one a bit more appealing. The market is in your favor when it comes to finding a buyer for your home quickly and at a good price.

   Jump on a great deal                        

They say, “fortune favors the bold,” and nowhere is that truer than in matters of the heart and in real estate. Sometimes, an opportunity comes along that’s just too good to pass up, and you have to jump at it. You don’t want to regret what could have been by losing out on a great deal and always wondering what might have been if you had taken a chance.

   You can take your time

Once you list your home and accept an offer, you’re on the clock to find another home to purchase or rent. This can put you in a bind. Instead, if you consider buying a new home before selling your existing one, that takes some of the pressure off of finding a home in a short amount of time. After all, the pressure of making a quick buy could end up costing you thousands in the long run.

Of course, there are also very tangible considerations that must be made when it comes to purchasing a new home before selling your existing one. You may worry you’ll have difficulty securing a loan while your finances are tied up in an existing home, you may be worried about having to carry two mortgages at once or you may worry about maximizing profits in the sale of your existing home when you feel under pressure to sell.

Relax. This is where we come in. We’ve successfully guided hundreds — there’s a good chance it’s more like thousands at this point — of clients through the process of purchasing a new home before selling their existing one. Home-buying or selling isn’t a sprint. Even in a cash deal, it’s just not set up that way. It’s a marathon — a journey and one that we’ll be with you for every step of the way.

Buying a new home, while selling your existing home may sound like the perfect scenario, but it can actually be a very difficult balancing act to perform. The successful purchase of your new home is contingent upon the sale of your old home and vice versa; what you’re actually trying to craft is a three-sided deal and to borrow what has become a well-worn catchphrase, “there’s an art to the deal.”

Any delay in closing on the buyer’s side or the seller’s side on either your old property or your new one can cause all the plates you’ve been spinning to come crashing down. A deal that may have been running like a Swiss watch could all of a sudden come to a grinding halt and you’ll have nothing to show for it but some broken plates.

To make sure your deals stay on track, here is some advice to consider:

  Get flexible                         

Build flexibility into your agreements wherever possible. This means look for bids from buyers for your current home who may be amenable to a rent-back agreement if you get stuck. On the purchasing side, see if you can build in a longer closing period to account for any delays you may encounter on the sell-side.

   Have a contingency plan                       

This may feel like an insurance company is talking to you, but you need a back-up plan if disaster strikes. Check out flexible rentals in the area and storage spaces, or talk to relatives or friends about staying with them or storing stuff in their basements for a while should the need arise. Although you may be dreading the conversation, it’s much easier to broach the topic ahead of time. You may also consider choosing movers that have the ability to store your belongings for a while if need be.

   Look for reliable buyers and sellers

When it comes to the selling of your existing home and the purchase of a new one, look for parties that will take you to the closing table without too much fuss. As a seller, this may mean turning down the highest bid for what feels like the most reliable one and even offering to cover some of the closing costs. As a buyer, this may mean offering up a bigger down payment, a higher price for the home or waiving some contingencies to make yourself more attractive to the right seller.

Despite what setbacks it may hold, buying a home while selling your current home may be the best scenario to be in when it comes to the real estate business. Yes, it comes with it’s own unique set of frustrations, but it’s the quickest and sometimes the best way to get you out of your old home and into a new one. We get it. We’ve been there. It’s like running a gauntlet. It’s like pulling off a band-aid really quickly, but you’ll get through it successfully. And, we’ll be there with you for it every step of the way.