Buying and Selling a House at the Same Time
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Are you curious how to sell your home while buying another house? Today I'll be giving you a few tips to help you along with the process.
Tip #1: Understand your Finances
There's a difference between needing to sell your current home and wanting to sell your current home before you buy the next one. Majority of people would prefer not to carry two mortgages, but if you can qualify for another home loan without selling your current home, you're in a different financial situation, which means you're not needing to sell before you qualify for another home loan.
Buyers who qualify for a home loan without selling their current home, have more freedom with offers. You don't have to use the same contingencies as someone who needs to sell their home to be able to purchase a home. It tends to be more attractive to the seller, if there isn't a contingency with the property, especially in a sellers market. But don't worry, in most cases, the majority of people need to sell their current home to qualify for a loan and use the proceeds from that sale.Â
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Tip #2: Don’t Put The Cart Before The Horse
The cart meaning your new potential home purchase and the horse being the home that you have to sell. If you're relying on your home selling first, your main focus should be getting your home prepared to go live on the market and ready to sell before finding the next home to buy. Yes, I know it's exciting to look for a new home, but you need to spend most of your time and energy focused on the sale of your home because you can't move into your new house unless your home sells.
Tip #3: Find a Full-Time Real Estate Agent
Find a full-time realtor to help represent you in the process. As you all know, not all agents are created equal. Do your due diligence and interview agents. Be very specific about your needs of your new home, and make sure that you listen to the agent's feedback. Get a good idea of who they are and what they represent. That way you'll feel comfortable going into the process not feeling alone.Â
Tip #4: Get Home Under Contract
You're under contract and making offers. Great news is your home is under contract and you've been keeping your eye on a certain area in a neighborhood you're wanting to move into and you have your eye on a home that's new on the market and you're ready to buy. You now have a stronger option with your offer because your current home is under contract. Majority of sellers may see your home sale contingency as less risky if you're past the inspection period or appraisal.
Tip #5: Navigate Closing Date
Sometimes it might be useful to negotiate a longer close of escrow period for the house you're selling to have more time for the home buying process. Or in other cases, some people choose to do same-day closings, which can be risky, but they are doable.Â
To sum it all up, selling and then buying can be tricky, but extremely successful if you have a reliable and knowledgeable agent guiding you through the process and making sure you have all your ends covered. I hope this was helpful. I invite you to call, text, or email me if you ever have any questions or if you would like to talk about Tucson in general!
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Rachel Clark
Hi, I'm Rachel!
As a Tucson native, I have been fortunate enough to experience everything Tucson has to offer! I love being able to speak to people on a daily basis who are either looking to move to Tucson or are fortunate enough to already live here! You can reach out too. Send me a text, give me a call or shoot me an email. I'm here to help however I can when it comes to moving to Tucson!
