Buying your first home is indeed a unique experience. But it doesn’t compare to upgrading. Trying to buy one home while selling another means facing challenges you never thought of when you bought your first home. It goes without saying that simultaneous transactions double the potential headaches.

The key to maintaining your sanity is keeping your head together. No problem is too big to overcome. Having said that, the best way to overcome problems is to avoid them altogether. That is the point of this post. Below you will find some of the most common pitfalls that come with buying and selling homes simultaneously. Do your best to avoid them and you will have a better experience.

1. Being Too Quick to Accept an Offer

Imagine you are living in Salt Lake City, Utah. It is one of the hottest real estate markets right now. Your agent is from a local brokerage known as CityHome Collective. As soon as your home is listed, your agent starts fielding inquiries. There is obvious demand for your home.

Do not automatically accept the first offer that comes your way. It can be tempting to do so, especially since you desperately want to avoid having to pay two mortgages for even a month. Still, do not let the need to sell stop you from getting the best price for your home. Take your time and think through every offer. Only accept one you are comfortable with.

2. Being Too Quick to Make an Offer

On the other end of the equation, avoid the temptation of being too quick to make an offer because you have already sold your home and you have to get out. This is a surefire way to end up with a house you don’t really want. CityHome Collective says the better option is to take your time and, if necessary, work out temporary living arrangements.

3. Unnecessarily Taking on a Bridge Loan

Some people choosing to buy and sell simultaneously end up taking on bridge loans to make their purchases. This is certainly a viable option that works well for some people. Still, bridge loans are not the right choice for everyone. They tend to have higher interest rates and much shorter terms.

The danger with this sort of thing is having the bridge loan come due before you sell your existing house. In a strong seller’s market, the risk of this sort of thing is low, but it still exists. A conventional mortgage is the better option in most cases.

4. Working with a Dual Agent

Some real estate agents are dual agents in the sense that they represent both buyer and seller in a single transaction. It’s hard to imagine how both parties interests can be represented simultaneously. In the end, the real estate agent’s goal is to facilitate a sale at the highest possible price. They earn commission on that price, so it’s in their best interest to make sure it goes as high as possible.

5. Not Shopping for Mortgages

One final pitfall of simultaneous transactions is the temptation to not shop for mortgages. Shopping takes time. Understanding offers does too. But shopping around is the only way to know for sure you’re getting the best possible deal. Do not let the pressure of simultaneous transactions force you into a mortgage that is not good for you.

Buying and selling simultaneously is not impossible. In fact, it is pretty common. But simultaneous transactions do increase the headaches. If you are planning to try it, just be prepared for anything. You are going to experience some things you’ve probably never thought of.