Coordinating Your Sale and Purchase
You’ve found your dream home, but you haven’t sold your current one yet. Or maybe you have a buyer but haven’t secured your next place. Coordinating a simultaneous sale and purchase is one of the trickiest parts of moving — here’s how to handle it.
The Three Scenarios
Scenario 1: Sell First, Then Buy
The most financially secure approach. You’ll know exactly how much money you have before making an offer.
Pros:
- No risk of carrying two properties
- Cleaner financing for your purchase
- May have more negotiating power as a non-contingent buyer
Cons:
- Need interim housing (family, rental, or extended closing)
- Moving twice if you can’t align closings
- Risk of prices rising in a hot market
Scenario 2: Buy First, Then Sell
Common in competitive markets where the right property won’t wait.
Options to finance:
- Bridge financing: Short-term loan to cover the gap
- HELOC: Draw from your current home’s equity for the down payment
- Qualify for both: Some buyers can carry both mortgages temporarily
Scenario 3: Synchronized Closing
The ideal: sell and buy on the same day, with funds flowing directly from one transaction to the other.
⚠️ Same-Day Risk
Same-day closings are convenient but risky. If anything delays your sale (title issues, financing, buyer cold feet), your purchase may fall through too. Consider building in at least a 1-2 day buffer between closings.
Protecting Yourself
Subject-to-Sale Clauses
When making an offer on your next home, you can include a clause making your purchase conditional on selling your current home. This protects you but makes your offer less attractive to sellers.
Escape Clauses
In Alberta and BC, real estate contracts often include a 72-hour escape clause — if the seller receives another offer, you have 72 hours to remove your conditions or release the property.
💡 Get Pre-Approved First
Know your buying power before listing. We can pre-approve you for your purchase (including factoring in selling your current home) so you’re ready to move quickly when you find the right property.
Elevation Mortgage
INDEPENDENT MORTGAGE BROKERS · LICENSED AB & BC
Julie & Andy Jeffery — independent mortgage brokers serving Calgary, Nelson BC,
and clients across Alberta and British Columbia.
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