You own a home and for whatever reasons; need for more or less space or job transfer or whatever, you decide you need to sell your current home and buy a new one. You’ve been told that buying and selling simultaneously is impossible, but you also know you need to do it.

The good news is that it is  possible to buy and sell at the same time, it just takes some juggling and good decision making. Here are some tips to make it work for you.

Your financial situation

First, have a good knowledge of your financial situation. Have your current home appraised not just for value, but for a realistic selling price. Get a payoff balance on your mortgage. The payoff figure isn’t the same as the balance shown on your mortgage statement. The mortgage company will charge certain fees or amounts of interest. Your escrow balance is normally either refunded to you at settlement or after, so it won’t affect your payoff figure.

Knowing these figures will give you your equity in your current home. It won’t be an exact figure but should give you a better idea of what you will bring to the table in a purchase. It will also give you information to tell your new mortgage company about money down possibly getting you a better rate.

Knowing your finances will also tell you if you could afford a month or two of double mortgage payments if the sale and purchase don’t coincide and what updates you can afford on your current home.

Next, as with any sale, pack, declutter and update

Pack up your things, which by default declutters the space, leaving only what you really need to use for the next 30 to 90 days. Repair any issues and paint the space if it needs it to make it look fresher for potential buyers. Make any necessary updates, especially to baths and kitchens.

Money spent wisely now will pay off at sale.

Now start your new home shopping

Whether you have listed your home or not this can give you an idea of what the current market is for both sellers and buyers. If you are moving to another city or state, take a weekend to go and look. It can help you make decisions about updates needed on your current home and give you an idea of what you will need to buy in the new area.

Lastly, rely on your Realtor

If you are staying local, he or she can help you in both transactions. If you are moving out of state he or she can help you find a buyers agent in your new location. One or both can help you make the best decision for your situation.