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How to sell and buy at the same time

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  • 08-08-2020 2:32pm
    #1
    alannoone
    Registered Users Posts: 32 ✭


    I ask as we are considering selling, but we cannot buy without selling, a typical property chain. We do not have family in Dublin so would have to rent but have a few children and pets so this is not ideal.
    We are just trying to get a feel for the task ahead and how people have realistically approached it.

    When selling and purchasing another property, how did you manage the transition?


    Did you stay in the property being sold right up until moving into the new property, or was it necessary to vacate before moving into the new property to break the buyer/seller chain?

    If this was the case, did you rent or move back in with family ?


Comments

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    #2
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    what about renting for a couple of weeks from the new owner? You stay in the property you just sold and offer to pay rent at market rate for 2-3 weeks until you're ready to move


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    #3
    Tilikum17
    Registered Users Posts: 1,316 ✭✭✭Tilikum17


    cubatahavana wrote: »
    what about renting for a couple of weeks from the new owner? You stay in the property you just sold and offer to pay rent at market rate for 2-3 weeks until you're ready to move

    Op - we had to sell to buy just like you. The people buying from us also had to sell to buy. No matter what anyone tells you, it can be done. You just need a lot of luck along the way.


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    #4
    Tilikum17
    Registered Users Posts: 1,316 ✭✭✭Tilikum17


    cubatahavana wrote: »
    what about renting for a couple of weeks from the new owner? You stay in the property you just sold and offer to pay rent at market rate for 2-3 weeks until you're ready to move

    With regards this, most people want you out straight away. They’re solicitor does I should say. If you’re lucky enough to get a buyer that’s not in a rush to move in. You could also try to move into the house you’re buying early (rent it I mean) but the solicitor will be dead against this too.


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    #5
    Tilikum17
    Registered Users Posts: 1,316 ✭✭✭Tilikum17


    With regards managing the transition....we got the solicitor to close both sales on the same day. We had to be out of our house at 9am. Then we literally had to wait for a few hours for the cash to go through so we could get the keys for the new house. As in, wait in the driveway of the new house for 4-5 hours (with 3 cats in cat carriers) one eventually escaped) also this was all happening on the last day we could draw down our mortgage (after the one month extension)

    Like something out of a movie. Also, we have 2 dogs & 3 cats.


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    #6
    tscul32
    Registered Users Posts: 2,530 ✭✭✭tscul32


    We did it too, not sure how we survived it, 2 kids and very pregnant. Hoped for the same day but our buyers had given notice on a rental so we let them have the house. Thankfully there was a relative with a small 2 up 2 down not too far away who generously moved back to parents for a few weeks and let us have the house, covered bills plus a thank you top up. Then the day before we were due to get the new place were told sellers needed two more weeks. We negotiated just one week and a slight discount on sale price. Used storage locker for our furniture. Stressful, but we got through it.
    We also had just one house we wanted to buy, weren't selling unless we got this one, somehow it worked out, it was a fixer upper so didn't have as much interest. Ours was in a sought after area so plenty of interest.


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    #7
    JustMe,K
    Registered Users Posts: 610 ✭✭✭JustMe,K


    You can put your selling agent on notice that the sale will complete when you are completing on your purchase, and that this should be communicated to your buyer. Your solicitor can also work that into contracts, but it happens all the time! The ideal would be to have access to new property before needing to vacate current property but most people are relying on sale of current property to fund new property so that rarely happens.

    Moving out and in on the same day is mega stressful, especially if you are trying to clean the old and new properties when empty, but the moving companies are well used to this also. The other thing you could do if moving out/in on the same day looks unlikely is hire a storage unit and move stuff into there the week leading up to completion, and arrange for the animals to be cared for elsewhere to minimise the stress of trying to keep them in the place you want. If there is a couple of days overlapping you could book into a hotel if there is nowhere else for you to stay.

    Speaking to a removal company to see what options they have for you is probably best.


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    #8
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    Our problem will be that we are buying anew build, which will be given with no floors and we will need to do that before moving. This mean an easy week between getting the products delivered, acclimatization and installation.


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    #9
    alannoone
    Registered Users Posts: 32 ✭alannoone


    cubatahavana wrote: »
    Our problem will be that we are buying anew build, which will be given with no floors and we will need to do that before moving. This mean an easy week between getting the products delivered, acclimatization and installation.

    We moved in with no floors. It was not a big issue for us, relatively speaking as the alternative was being homeless.

    Many people move into a house and live out of 1 or 2 unfinished rooms for weeks or months while work is being completed. Its often the only option people can afford and its not a big hardship, or at least we didn't find it particularly stressful. As rooms are finished you can start to stretch out a bit.


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    #10
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    alannoone wrote: »
    We moved in with no floors. It was not a big issue for us, relatively speaking as the alternative was being homeless.

    Many people move into a house and live out of 1 or 2 unfinished rooms for weeks or months while work is being completed. Its often the only option people can afford and its not a big hardship, or at least we didn't find it particularly stressful. As rooms are finished you can start to stretch out a bit.

    True, but with working from home and a toddler, it will be easier to delay the sale of our place even if it means to pay an extra month of mortgage, as we will get a good bit of that back again.


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    #11
    astrofool
    Registered Users Posts: 16,457 ✭✭✭✭astrofool


    Get a good solicitor. Be prepared to pay the going rate for a good solicitor.

    Prepare everything meticulously.


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