Tips for Selling Real Estate and Buying Another Property

 Posted on April 27, 2025 in Real Estate

The decision to put your current home up for sale while buying a new home is a major financial consideration. Whether you are upgrading, downsizing, or relocating, this process is an emotional time and one of transition. Hiring the appropriate legal team can help minimize the sense of overwhelm and provide a solid strategy with sound legal guidance.

Here are practical tips from our Kendall County, IL residential real estate attorneys to assist you in planning for a smooth transition.

Understand Your Goals

Before making any moves, the following questions should be considered:

• Are you relocating for work?

• Are you downsizing for retirement or due to a health crisis?

• Do you need to sell your current home before buying?

Speaking with an experienced mortgage professional is a wise decision because they have financial instruments to help ease the burden and transition.

Work with a Team of Trusted Professionals

Selling a home and purchasing another home are both major financial decisions. Working with a team of trusted professionals is important to avoid costly mistakes. You will want to hire the following trusted professionals:

• Real Estate Agent: A real estate agent can help you understand the realities of the real estate market and provide referrals to reliable professionals.

• Real Estate Attorney: A real estate attorney can provide a solid legal framework and important details about Illinois residential real estate law.

• Lender or Mortgage Professional: A lender or mortgage professional can assist you with your pre-approval and provide financial tools that can help with buying a new home without the immediate need to sell yours.

Hiring a team of trusted professionals is key to assisting you in making tough decisions. Coordination among your trusted professionals avoids costly delays or misunderstandings.

Consider a Back-Up Plan

If you are selling and buying simultaneously, your real estate purchase agreement may include a home sale and home purchase contingency. You may also consider a post-closing possession agreement, which will enable you a buffer to move out over some time in case one of your real estate transactions has delays.

Be Prepared with Temporary Housing or Delayed Possession

Real estate transactions are stressful and may have time delays that can be a temporary challenge. Most people prefer to sell their house and move into their new home without interference.

However, you may sell your current home before you can move into your next home. A post-closing possession may be a solution to this problem. A post-closing possession agreement will enable you to rent your home from the new owner for a short period. In addition, temporary housing options with family, friends, or short-term rentals are another good idea.

Stay Organized and Communicate

With two transactions happening at once, communication is critical. Keep a shared timeline of key dates and deadlines:

• Listing and showing dates.

• Offer deadlines and acceptance.

• Inspection periods

• Closing dates and Moving Day

Your real estate attorney can help coordinate both closings and give you solid legal advice. Here at Gateville Law Firm, we handle a lot of residential real estate transactions involving the sale and purchase process combined. Staying organized and communicating effectively is critical for your trusted professionals.

Call an Oswego, IL Real Estate Attorney

Here at Gateville Law Firm, we have an experienced team of Plainfield, IL real estate professionals who work together on your real estate transaction. Our professionals gained valuable experience working at reputable title companies, which gave them the tools to manage uncertainties involving title issues, unforeseen problems, and common real estate issues that often arise during real estate transactions. We also have a pool of trusted professionals for referral, and we always proactively communicate with clients. Call us at 630-780-1034 today.