5 Tips for Buying and Selling at the Same Time
If you are buying and selling a home at the same time, you’re under a lot of pressure. You’re worrying about two real estate transactions, both of which may depend on each other. Although there’s no magic wand we can wave to make the whole process easier, we can give you these five tips for buying and selling at the same time:
1. Ask for an extended closing if necessary.
2. Prepare your home before you jump into the real estate market.
3. Ask your REALTOR® to make your offer contingent on the sale of your current home.
4. Don’t waive other contingencies.
5. Be prepared to make two mortgage payments.
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Tip #1 Ask for an extended closing
It may be possible for you to request an extended closing when you buy your next home. That’s because you may need extra time to sell your current home – partly so that you don’t have to make two mortgage payments, and partly because it’s easier to sell a home that has furniture in it than it is to sell one that’s completely empty. You should talk to your real estate agent about asking for an extended closing if that’s a route you’re interested in taking.
Tip #2 Prepare your home before you jump into the real estate market.
You can make it easier to sell your current home if you take the appropriate steps to prepare before you even put it on the market. That means making all necessary repairs, digging up documentation on improvements you’ve made, and making minor improvements that will help your home sell faster. If you’re not sure how to help your agent sell your home faster, sit down and have a good talk. Your real estate agent will be more than happy to let you know what you can do to help.
Tip #3 Ask your REALTOR® to make your offer contingent on the sale of your current home.
When you buy a new home, you may need an exit strategy in case things go south. Ask your real estate agent to make your offer on your new home contingent upon the sale of your existing home. That way, if you can’t sell your home, you won’t be on the hook to purchase a new one (especially if you’re not sure whether you can afford it).
Tip #4 Don’t waive other contingencies.
Real estate agents build contingencies into contracts to protect their clients. The most common contingencies involve home inspections, financing, and home appraisals. If you have the appropriate contingencies built into your contract, you won’t be forced to buy a home if something goes wrong.
Tip #5 Be prepared to make two mortgage payments.
If you end up buying a new home before you can sell your current home, you need to be prepared to make two mortgage payments. That can be incredibly difficult, so make sure your finances are on track just in case.
Broker Associate & Luxury Properties Specialist
William Raveis-Florida, LLC
239.315.1079 | www.ajnaplesrealty.com