What should you do if you have to buy and sell a house at the same time? I will go over a few important tips for you today.
What should you do if you are buying and selling a home at the same time?
It’s really stressful to buy a home, and it’s really stressful to sell a home. Doing both at the same time can create a lot of anxiety, but if you do it right, you can minimize those anxieties.
If you need to sell your current home first before you buy a new one, there are two things you need to do. First, make sure that you get your Realtor over very quickly so that you can price your home and prepare it for the market. While you prepare to sell your current home, you can start looking at a few homes.
Don’t look at too many homes, because you don’t want to get your hopes up. Just figure out which area you like and what price range you are comfortable with. Then, put your current home on the market.
The day your current home goes under contract means it’s time to step up your home search. You can set your contract to have a late closing date and give yourself two months to find a home. If you’re already pre-approved (which you should be), then you can go out, find a house, and get that house under contract.
If you do it right and work with an experienced agent, you should be able to close on your old house one day and buy your new house later that day or the next day.
Don’t be scared about buying and selling at the same time. The main thing you want to do if you have to sell your house before you buy a house is work with a great lender. You should also make sure you’ve seen a few homes, hire a very competent Realtor, and make sure you have a really good idea of how to price your home so it can sell.
If you don’t have to sell your home before you buy, the process is a little different. I still recommend that you talk with a Realtor early on in the process. In this case, you need to get your home ready to go on the market. Move all of your junk into the garage, clean your home, and figure out what price you want to list your home at.
Then, start your home search. Once you see the home you like, make an offer and get a two-month close. The day you get your home under contract, put your current home on the market at a good price so that it sells. In the ideal situation, your Realtor can help you close on both properties on the same day.
There are some times when this doesn’t work out. In that case, you can ask for a leaseback or move into temporary housing. If you do it right, though, you won’t need to worry about that.
If you have any other questions about this process, just give me a call or send me an email. I would be happy to help you!