In a perfect world, you’d be able to close on the sale of your existing home the very day you receive the keys to your new one. And while this has been known to happen, it’s certainly not the norm. Buying and selling homes at the same time can be hectic and stressful, and will take the right kind of timing to get it done. To make these transactions as stress-free as possible, there are some tips that experts recommend taking. Before you get too far in the process, take the time to read the following 4 ways you can conquer buying and selling.
Before you do anything, consult with a real estate professional
A real estate transaction is a complicated process that involves more than just a buyer and a seller. These events will see home inspectors, mortgage brokers, closing attorneys, and more before the last signature at closing has been recorded. Buying a home means searches that can seem overwhelming at times. And selling a home is an equally taxing process. Marketing the home, making sure that it is properly listed, and being on hand to answer all questions and concerns from potential buyers and their agents takes a lot of time and energy.
Just engaging in one of these transactions will take a lot out of a person. But imagine taking on both at once. There’s little room for error, as one misstep can throw off critical timing. For these reasons, it’s strongly recommended that you pair yourself with a trusted local real estate professional.
As a buyer, you can rest assured that your agent will be working hard to find you the home you’ve always dreamed of. If you’re selling, that same agent will work hard to get qualified buyers interested in your home. Additionally, a real estate agent’s vast network of other professionals will mean that you’ll get solid referrals to the home inspectors, mortgage brokers, and closing attorneys that you’ll need to complete both of these transactions.
Timing is key when trying to buy and sell a home simultaneously
If you are buying and selling a home at the same time, it’s critical that the timing is right. After all, you don’t want your current home to sell long before you are able to close on the one that you’ll be moving into. And there might be a stipulation from your lender that your existing home needs to sell before your loan on the new one gets final approval.
Your current home should be list-worthy and ready to sell before you market it for sale. You should also go through the prequalification process with an approved lender before you list your home for sale. Knowing how much house you can afford, with or without the sale of your existing home, will go a long way in safeguarding the timing.
In short, you should be totally prepared to make an offer on a new home the moment your existing one goes live. To make this possible, the home you’re trying to sell will need to be 100% prepped for market. This will take some planning and a little bit of elbow grease.
Prepare in advance to sell your home before you have it listed
If you’ve decided to sell your house, you’ll want to make sure that it is ready to be viewed before you list it for sale. The best way to do this is to make two lists. First, itemize all of the cosmetic improvements you and your agent feel should be addressed. New paint on the walls? Removing stains from carpeting? No matter what they are, remedying these items will go a long way in giving your home better appeal to prospective buyers.
Next, list all of the deferred maintenance that needs to be taken care of. Your buyer will order a home inspection
, the results of which might delay the closing. If it throws your timing off too much, you might have the purchase of your new home fall through. But if you have an inspection done of your own before the home is listed, you’ll know what needs to be done. The inspector will list various items that need to be addressed, giving you the option of getting them taken care of before the home goes live. Your future buyer will still likely get an inspection, but if there are no issues to take care of, your sale will not be delayed.
Be prepared for the unexpected
Ideally, you will move from your current home right into the new one. But delays can happen. Whether it’s due to a contractor issue or financing, there are unexpected items that can pop up, creating a gap between when your existing home sells and when you’re able to move to the one you’re buying. That’s why it’s important to expect the best, but prepare for the worst.
Consider having a lease back option
with the buyer of your home. This would allow you to stay in the existing home, paying the new owners market rate rent, in the event the closing on your new home is delayed. If this isn’t agreeable with your buyer, your real estate agent can refer you to short term rental agencies. This might mean putting some of your possessions into temporary storage, but you will be able to have a place to live while waiting on the closing of your future home.
Your next steps
The decision to buy or sell any property is one that takes careful consideration. The professional guidance of a real estate agent will go a long way in making these complicated legal transactions go as smoothly as possible, saving you undue amounts of time and stress. The experts at The Tom Buerger Team
have years of experience and dedication representing both buyers and sellers alike. If you are considering buying and selling a home at the same time, you’ll greatly benefit from their guidance and expertise. A consultation with one of their agents will help pave the way to a hassle-free real estate transaction.