Buying and selling a home at the same means you are essentially trying to juggle two major life events at once. However, if you are strategic and enlist professional help and guidance, you can make the process much less stressful and time-consuming. With some planning and organization, you can successfully buy and sell your home simultaneously. Here are some tips to make the process go smoothly.
Know what you want
Knowing what you are looking for in your new home is essential before you put your current home on the market. Why are you selling your home? Answering this critical question can help you stay motivated and focused on your goals. Whether you are selling because you want a bigger house, want to downsize, want a change of pace, or want more amenities, pinpointing these desires can help market your home more strategically and help you narrow down your new home search.
Determine your timeline
If you want to avoid moving into a temporary home, such as a hotel, you can add contingencies to your offers as a buyer and a seller. A contingency is a condition or requirement in a real estate contract that must be met in order for the agreement to become binding. In other words, the sale is contingent on certain conditions being met.
Contingencies are common in real estate contracts and usually give the buyer a way out of the contract if they are not happy with the home inspection or cannot sell or purchase a home in a specified amount of time. If someone makes an offer on your home before you buy a new one, you can add a contingency about purchasing a new one. In the same way, as a buyer, you can place a contingency in an offer that states a particular timeline for you to sell your current home.
Determining your timeline as both a buyer and seller is critical for financing, making offers, and avoiding delays in the process. Your expert real estate agent will be able to give you detailed information about the process and what you need to know to make informed decisions.
Arrange the details
- Remove excess items from closets and cabinets
- Rent a storage unit for personal items and bulky furniture
- Make any updates and repairs
- Work with a professional designer and home stager
During the pre-approval process, a lender reviews your financial information, including your income, debts, and assets, and determines how much you can borrow. Sellers are more likely to accept an offer from a pre-approved buyer because they know that the buyer has been through a vetting process and is expected to be approved for a loan. With pre-approval, you can also make informed decisions about your budget and how that impacts your wish list, like location and amenities.
Work with a local real estate expert
Becky Sirigotis is an expert real estate agent in Anna Maria Island with years of local market expertise. She is a long-time resident and has firsthand knowledge of the community and lifestyle to help clients find their dream properties. Becky is a master communicator who utilizes her previous CPA and financial planner skills to help clients navigate the complexities of buying and selling luxury waterfront properties. Work with Becky for concierge services and to find success in a faster home buying and selling experience.
*Header photo courtesy of Shutterstock