Over the past couple of years, I’ve helped many families fulfill their dream of buying a home. In a number of cases, my clients needed to sell their current home in order to buy their next home or as we call it, their “up leg”. It can certainly increase the amount of stress when both events need to occur simultaneously – considering the financial aspects, logistical issues or the piles of documentation and disclosures for both transactions. While this can be challenging, it’s my job to assist you to seamlessly navigate through the transactions with success. Here are a few tips that may help.
Timing of Each Transaction
I always encourage my clients to plan ahead and take into consideration both transactions when making a decision. The goal is to get an offer on your home from a buyer who wants to close just a few days before you close on your new home. Securing a buyer who is not involved in the same situation as you (contingent sale) always helps.
In some cases, the two transactions may be finalized weeks or longer apart from each other. As a last resort, prepare for the possibility of finding an interim home or paying a double mortgage for a period of time.
Budget Ahead And Look At It Often
The undo stress to your pocketbook always mounts during a transaction where you have two transactions going at one time. Prepare and understand what money you will need to set aside in order to make BOTH transactions close. You will need to make a good faith deposit and pay for third party reports and appraisal for your new home purchase. And, you will most likely need funds to make repairs to your current home before you list it or before the buyer releases final contingencies. Depending on the amount in your home, it may even be necessary to rent storage space and to pay for boxes and moving supplies. Then leave yourself ample funds for unexpected expenses.
One Agent for Both Transactions Is The Best Way To Go
The knowledge and support of one agent instead of 2 (one for each transaction) is definitely beneficial. One person who is familiar with your goals and needs will be fully engaged throughout the entire process. Not to mention the insight needed to make the transition from one home to the other seamless for you and family.
No matter what the situation, buying and selling real estate comes with a level of stress. The goal is to make the process as easy as possible. So, if your thinking of moving up, over, or down. Consider buying and selling a home at the same time. I have a selling system that will do it seamlessly. If you want to know more, give me a call at 562-618-9770 or email me at firstname.lastname@example.org.
Dave Harbison has been a Real Estate Practitioner in Long Beach and surrounding communities for over 10 years. He regularly contributes to blogs, news outlets and other media, providing insight to home owners, buyers and sellers in the Long Beach, Seal Beach, Lakewood, Sunset Beach, Huntington Beach, Newport, Cypress and Cerritos. Dave Harbison Long Beach REALTOR®Main Street Realtors (562)618-9770 email@example.comDRE:#01475840 — Long Beach Realtor® / Real Estate Agent Long Beach Homes for Sale, Condos and Investment Properties