Do you want to buy a new house but need to sell your current one first? In this video, I’m going to explain how to sell and buy a new house at the same time. We’ll discover why planning and timing are essential to successfully complete this tricky transaction.
It’s All In The Timing
One of the most common questions that I’ve received in the past few years is, ‘How do I buy and sell a house at the same time?’ These types of transactions are very, very tricky. You have to be very good at planning and know exactly where you’re going with your process. Additionally, there are a lot of moving pieces that you need to pay attention to.
While it’s not the most difficult transaction, you’ll need to pay attention to lots of details before you actually pull the trigger and start the selling or buying process. The number one thing here is timing. If you plan your plan based on the timing of selling your home and buying a home at the same time, you’re going to be in good shape.
Do You Need To Sell Before Buying?
The first step that you have to do is to find out if you have to sell your current home to obtain the financing for the next home. If your answer is no, you’re going to have a lot more options than the traditional home seller. You’ll want to make sure that you sell your home in the next 30 to 45 days and then buy a new home. By doing this, you won’t have double payments on both houses at the same time.
However, if you’re a seller that needs to sell your home to buy the next home—which is the majority of sellers—you’ll have to go through a process that is a lot more challenging. You’ll also need to pay attention to a lot of details.
Contracts And Contingencies
In a perfect world, you don’t want to have the contract on the next home until you have the contract on your current home. The reason for this is that you need to sell your current property and pay off your current mortgage to get the loan for the next house that you’re going to purchase.
Another reason it’s important to have your current home under contract is that you’ll have more power when purchasing the next home. If you don’t have any contingency involved with the next house that you’re trying to buy, chances are your negotiation will be stronger and more in your favor. If your home is already under contract, sellers will be more likely to accept your offer rather than if your house is still active on the market—or is not even on the market yet.
One of the best strategies is to go ahead and take a look at some houses on the market—without looking too aggressively. You just need to have your eyes open and see what the market is offering in your price range until you have your house under contract. Once you do, you can start looking at houses and make an offer aggressively. If everything goes according to plan, you’ll receive the contract on your current home before you make a contract on the next home that you’re trying to buy.
I’m Here To Help
I hope this gave you a good idea of how to buy and sell a house at the same time. Of course, the information we talked about in this video is a very general idea of how this process works. The reality is that every home seller and buyer has their own unique situation.
So if you’re thinking about selling and buying at the same time, I would love to sit down with you and go over your options. We’ll create the best strategy for you and your family and go from there. Feel free to reach out to me and I’ll be happy to connect!
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