How To Buy a Home and Sell a Home at the Same Time
If you are buying a home or selling a home, they both can be very stressful. In this hot market, a seller may not have time to even find a new home before their home goes under contract. Here are a few tips to help you with both selling and buying a home.
Tips for Buying First
Did the chicken come before the egg? You can’t sell a home and buy a home at the exact same time. You need to figure out what you should do first. Here are several advantages to buying a home first.
If you find a home and want to put a contract down, ask for an extended closing. A great recommendation is to ask for an extended 60-day closing to allow you time to get your existing home ready and listed. Remember it is critical to sell your home so you can move into your new one.
Another way to get a contract on your new home is to put an offer in with a contingent on the sale of your home. This will ensure that you will not be faced with two mortgages. Currently, this is a seller’s market, however, you can still ask for this contingency with a solid offer. If for some reason your current home does not sell, you will not be legally bonded to your new home.
If you are searching for a new home, you know you will need to sell. Make sure your home is ready to sell by doing it as you are searching. Start a checklist of what needs to be done before you list.
Tips for Selling First
If you have to sell your home before you start a search for a new home, consider finding temporary housing. This could include living with family or friends, at a hotel, an apartment, or a rental home. This will give you time to find your perfect new home. Allow at least 2 months to find temporary housing.
In this market, there is no time to procrastinate. If you find a new home you like, you have to jump on it. If your home sells, then you have to find a new home fast. Have a pre-approval in hand, know your budget and timeline beforehand. When you find your dream home, you won’t have to hesitate.
Know what you want before you shop. Again, in this fast-paced market, you have to make an offer on the spot. A good way to do this is to make a list of must-haves such as school location, number of bedrooms, and neighborhood amenities. This list can also help your Realtor narrow your search to make it more efficient.
Remember selling or buying a home can be less stressful when you use a Realtor. A Realtor will get you the best deal in the best area for you!