Buying and selling at the same time is a lot to handle, but there are three keys you need to remember to make the process go as smoothly as possible.
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If you need to buy and sell a home at the same time and you want to make the process of handling these two transactions as smooth as possible, there are three tips you need to remember.
First, know the market. Before you start searching for a home to purchase or put your current home on the market, make sure you have a solid understanding of the market you’re selling in and the market you’re buying in.
If homes like yours are selling within days, it might make sense to secure a contract on your new home before you list. On the contrary, if homes like yours are sitting on the market for months at a time, it makes more sense to get that home under contract first before shopping for a new one.
Second, prepare for the unexpected. Even if you get both homes under contract and everything is on schedule, there are still things outside of your control that can happen—buyers can have trouble qualifying for loans, inspections may reveal unexpected issues, etc. This is why it’s important to make a safety cushion for yourself.
For example, when negotiating the sale of your current home, make sure to ask for a lease-back term so you have time to purchase your next one, even if you may not need that time. Also, be prepared to not get all the money you were hoping to get from the sale of your current home.
Lastly, have a backup plan. If you’ve sold your current home but you haven’t found a new home to move into, don’t let anxiety push you into making a bad decision. Research short-term rentals ahead of time so you don’t feel pressured into purchasing a home you wouldn’t be interested in otherwise. If you’ve found the perfect home and you can’t bear the thought of losing it, research all available financing options so that you’re not forced to accept a lowball offer on your current home.
If you have any questions about this topic or you’re thinking of making a move soon, don’t hesitate to give me a call or send me an email. I look forward to speaking with you.
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