LEARN HOW TO DO IT ALL AT ONCE BY ADDING THESE SIX STEPS TO YOUR CHECKLIST.
Buying or selling a home can be daunting, even in the best circumstances. Combining them can mean stress overload unless you are prepared and have a plan B for when things go awry. Here are some tips to consider when buying and selling your home at the same time.
- Assess Your Situation:
- Consult with a reputable real estate agent aka ME to understand market trends and conditions.
- Choose an agent experienced in both buying and selling processes.
- Explore options such as negotiating closing timelines and short-term rentals to bridge the gap between transactions.
- Contract Contingency and Bridge Loans:
- Consider contract contingency or bridge loans to manage the transition between selling and buying.
- Understand the risks and benefits of each option, especially in competitive markets.
- Factor in the Price of Your Next Home:
- Set a realistic price for your current home based on your budget for the next purchase.
- Leave room for negotiation and market fluctuations when determining your bottom line.
- Pre-Approved Mortgage:
- Obtain pre-approval for a mortgage to understand your financial limits and avoid disappointment.
- Covering Yourself in Between Transactions:
- Prepare for potential delays or gaps between transactions by having an emergency fund or considering short-term rental options.
- Explore rent-back agreements with the buyer to extend occupancy until you’re ready to move.
- Selecting a Closing Date and Time:
- Strategically choose closing dates and times to ensure a smooth transition between transactions.
- Avoid scheduling closings on Fridays and opt for morning hours for smoother fund transfers.
By following these steps and preparing for potential challenges, you can navigate the process of buying and selling a home simultaneously more successfully.