Tips for Simultaneously Buying and Selling a Home
Buying a home and selling a home can be two of the most stressful — and expensive — life events. And, they often happen simultaneously! If you’re looking to buy a home while also trying to sell your home, don’t panic. In this post, we’ll go over a few tips to help you tackle the buying and selling sides of the real estate market without becoming overwhelmed.
Tips for Buying First
You likely can’t buy and sell a home at the exact same time. So, first, you’ll need to figure out whether you want to buy a home or sell your home first — each has its own set of unique advantages and disadvantages. If you decide to buy first, here are some expert tips to follow:
Request an Extended Closing
We know you’ll be super excited to move into your new home ASAP. But don’t get too far ahead of yourself because it’s typically critical that you sell your home before moving. This is why we recommend requesting the seller accept an extended, 60-day closing to allow you time to get your home ready to list, list it, and give the buyers of your home time to close and be prepared for move-in.
Of course, this can jeopardize your chance of getting your offer approved by a seller who wants the security of a fast closing. See below for a better option.
Make Your Offer Contingent on the Sale of Your Current Home
The last thing you want is to be straddled with two mortgages. You can’t expect to ask for too much in this seller’s market as a buyer. But, making your offer contingent on your current house selling is sometimes possible, and some sellers might be willing to work with you. This contingency will offer you a little protection — and therefore peace of mind — that if your house doesn’t sell for some reason, you won’t necessarily lose your earnest money.
Most of the time, in multiple offer scenarios in Evergreen and Conifer, trying to get a seller to accept a home-sale-contingent offer is difficult. However, if you reward the seller's willingness to consider the additional risk of a contingency with an appropriate increase in price, you may be able to get it accepted. Again--there's a better solution.
Make Sure Your Home is Ready to Sell
There’s so much that goes into getting a home ready to sell — from painting every nook and crevice to deep cleaning and making sure the landscaping would make Martha Stewart green with envy. This is why it’s so important to get started as soon as possible. As soon as you know you’re serious about selling, start a checklist of ‘must-do’s' before you list and get to work!
Tips for Selling First
If you need to sell your home before you can start looking for a new house, consider these tips:
Find Temporary Housing
You’ll need somewhere to live once your house sells and you look for a new home, whether that’s with family or friends, at a hotel, or an apartment or rental home. Give yourself at least two months to find accommodations that will suit your family’s needs, and consider a backup plan just in case Plan A falls through.
Be Ready To Buy
Once your home sells, you’ll want the process of finding a new home to go relatively quickly, especially if you have children in school or a baby on the way. So, get everything in order with the bank ahead of time, including mortgage pre-approval, your budget, and timeline. That way, when the time comes to make an offer to buy a home, you won’t face any delays that could have been avoided and that have the potential to lead to your dream home getting scooped up by someone who is ready.
Know What You’re Looking For
Today’s real estate market moves fast. So, it’s important to know exactly what you’re looking for in a new home. Start a list of must-haves, including location and school system, number of bedrooms, and any amenities you’re looking for. Give the list to your Realtor so they can keep their eyes out for listings that are coming up, and once you accept an offer on your current home, you can get to work finding exactly what you’re looking for.
The Best Solution
Ultimately, the best option is to be the best qualified, most prepared buyer by first being the best seller. Sounds obvious right? By hiring a true marketing specialist you can have confidence in the success of your home sale. Great marketing will focus the demand for your home into aggressive, ready to buy buyers fighting for your home. When this kind of demand is leveraged with a high level of skill and care your agent should be able to negotiate the terms that are ideal for your specific scenario. In many cases my clients will be able to benefit from extended post closing occupancy, in their homes, after they've sold their property and received the proceeds. This enables them to move forward with identifying and "winning" the home they want in the Foothills without the added stress of a double move, bridge loan, weakening their negotiations on the buy side or paying for a "cash buyer" mortgage program. It's a win-win scenario that I've executed dozens of times.
It all begins with excellent marketing on your home sale side! Learn how I do that at www.WhatBobDoes.com