Buying And Selling A House Is Difficult, But Not Impossible
Moving from place to place is definitely not the easiest task you will accomplish in your life, especially when you have to deal with simultaneously buying a home in a new area and selling your current home for a fair price. However, it's not impossible to do so. Here are our top five tips for making simultaneous buying and selling a little more bearable:
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1. Find The Right Team
You wouldnt perform your own root canal or attempt to coach a professional womens basketball team, so why tackle a simultaneous purchase and sale without the help of professionals? Youll need a mortgage lender you know you can trust, and real estate agents who are familiar with your current neighborhood and the area in which you wish to buy. Even better, its cost-efficient to find one agent who can negotiate both your purchase and sale
2. Look At Your Finances
If youre underwater on your current home, which means that you owe more than youll net in a sale, youll need cash on hand to settle that balance when you close. This is in addition to funds for a down payment, and closing costs on your new home. To avoid unpleasant surprises down the line, you need a clear picture of what your home is worth, and how much of a loan youll qualify for on the new one
. Talk to your mortgage professional and real estate agent for comps and a pre-approval.
3. Repair And Improve Your Home
Its still a buyers market in many parts of the country. This means that its possible youll find a new property to buy before you receive the perfect offer on your current home. Minimizing the amount of time your home spends on the market will facilitate an efficient double-sided transaction, so do everything you can to make it more attractive to buyers
. This includes tackling necessary repairs, and making smart improvements.
4. Start Packing Now
Real estate agents call it home staging, or presenting a property in such an attractive way that its easy for a potential buyer to imagine her new life there. An essential element of staging is the elimination of clutter and personal objects
Start packing now, and youll reduce the shear amount of stuff in your home. This will make the house appear larger and more open, as well as neutral in decor. Consult your real estate agent or a professional stager for additional information.
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5. Make Use Of Contingencies
If you find the perfect home before you receive an offer on your current property, include a contingency in the contract stating that it must successfully sell before the deal goes through
. Alternatively, if you get a great offer on your old home before you find the right one to buy, you can ask for a longer closing time, or a rent back option. Such an arrangement enables you to rent the property from the new owners until you close on your next home.
A double-sided real estate transaction is no more impossible than walking and chewing gum. Find the right team, prepare smartly, and plan carefully and youll accomplish what to some seems like an unimaginable feat.