July 29, 2022
How to Sell and Buy a House at the Same Time
In this fast paced seller’s market, many homeowners know that they can get top dollar for their home but most are skeptical because they don’t want to end up homeless.
The most common rebuttal I get for listing appointments is “If I sell my house, where am I going to go?”.
Understanding your options as a buyer and seller is key to transitioning from one home to another without major hiccups.
As a buyer, it is best to know what will make your offer stand out against competing offers and as a seller, it is best to understand how to leverage competing offers.
If you hire a skilled real estate agent, it is easy to sell a house and buy another. It is possible to buy and sell a house without a Realtor but it is a bad idea.
Logistically, there are too many moving parts and Realtors have resources to facilitate a sequential residential real estate purchase transactions that the general public simply doesn't.
Here's a couple simple hints on how to achieve your real estate goals.
Write a Contingency Offer
This is the most straightforward and simplest way to buy and sell at the same time but it isn’t ideal in competing with other buyers that may not need to sell their home to purchase.
A contingency is a stipulation in a residential real estate purchase agreement that states that the buyer has to sell their house to complete the purchase.
Contingencies are very common in residential real estate purchases since the bulk of a buyer’s funds for purchasing is typically in the equity of their current home.
The very essence of the American Dream isn’t necessarily the home itself but the equity that accrued during homeownership.
Contingency offers aren’t the most ideal to a seller unless the buyer’s home is likely to sell.
Good listing agents would research the home involved in the contingency to determine if that buyer’s offer is in the seller’s best interest.
If your home isn’t actively listed, it will diminish your contingency offer. Also, it would be ideal not to make any offers until your house is under contract.
Make Sure Your Home is Market Ready
Buying a home is always exciting but transitioning from one home to the next is always stressful.
Luckily, if you’ve bought a house before, you may have more of an idea of what you want in a home and the process.
The one thing that you must consider is that the competing buyers in your market may be paying cash and may not have to sell their home to complete the purchase.
Prepare your home for the market first.
Get a pre-market inspection and complete all repairs within your budget. Consider your landscaping, interior paint, and carpet if necessary
Check with Your Lender
Depending on your financial ability and the flexibility of the lender, you may not have to sell your home first in order to purchase.
Lenders understand the nature of a competitive sellers market and they also consider your strengths and weaknesses.
Consult with your lender to determine your options to avoid your offer lacking a competitive edge.
Be Realistic About the Price of Your Home and Leverage Multiple Offers
Rule of thumb, if you list your home in a hot seller’s market and you haven't received more than one offer, then your home is overpriced.
If you are unrealistic about the sale of your home, it can derail sensitive timing and kill your ultimate goal of making the purchase of your new home.
If you’ve successfully priced your home competitively and achieved multiple offers, you can let the competing buyers know that you will either need a late closing date or you will need to lease back the house after closing.
This will give you the time you need to secure your next home and possibly remove the contingency on the purchase of your next home.
These are just a couple possible ways to sell your home an buy another at the same time in a hot seller’s market. My brand has a reputation of achieving such goal without any extra storage fees or unnecessary moving expenses. We will help you create a situation in which your are moving furniture from your old house straight to your new house. Consult one of our agents to discuss how we can get job done.
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As you prepare your home for the market, be true to your budget but be aggressive in getting your house to look and feel as much like a new home as possible.
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How to Make the Most of Real Estate Multiple Offers
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November 16, 2021
How to Use Your Home Equity for Your Next Purchase
Speak with one of our agents to determine if leveraging your equity when selling and buying at the same time is the right decision for you.
October 5, 2021
8 Mistakes to Avoid When Selling Your Home
The simplest mistakes can be easily made when selling your home and costs you more than anticipated.
July 23, 2021
Why Are Listings In Short Supply For The Triangle?
Since the housing market corrected in 2015, there has been a shortage of inventory of homes in the Triangle Area that match the median price range of $280k.
Speak to an actual person.
If you have any questions regarding real estate transactions, drop us a line.