The process of buying and selling a home can be very stressful especially if you find yourself in a situation where you are doing both at the same time. Depending on the housing market in your area it can be tricky for to juggle both process at the same time. It becomes incredibly important to rely on a reputable, local realtor to facilitate.
In this installment, we will provide valuable tips and recommendations to educate homeowners in the process of achieving what may seem like an impossible task, to sell their current home while purchasing a new dream home.
Understand the Housing Market
Before you jump right in and look to buy and sell a home, you want to be sure that you find out about the housing market. If you are looking to buy a new home in the same market that you currently live it should be slightly easier than if you were leaving the area for whatever reason.
Create a Plan of Action
One of the best ways to ensure that you will be more likely to be successful in buying and selling a house at the same time is to plan. This plan should be as realistic as possible, make all your goals actionable and attainable. There is no sense making a goal that is not achievable, that would be one sure fire way to be unsuccessful. Including a professional real estate company in the process is a must.
Don’t Rely on Timing
When buying and selling at the same time there are so many things that can go wrong and timing may seem right, but it could easily change when the buyer of your home runs into problems during closing. It could also happen to you when you are set to close on purchasing your new home and then something sneaks up and throws a monkey wrench into the works and you are stuck. Sometimes even the best plans can go awry, and you will have to go back to the drawing board to salvage your overall goal.
Align Your Finances
One way to make buying and selling houses simultaneous much less stressful is that if you are able to work with a new lender that is willing to work with you to establish your new mortgage and discuss the possible need for a bridge loan to help with paying both mortgages until you can sell your home. You can also request a contract contingency option which means that your home purchase is contingent on the sale of your home. This may or may not be a viable option in all circumstances.
Don’t Let Fear Make Your Decision
When it comes trying to buy a new home and sell your existing home at the same time it can be a bit unnerving. The likelihood that you could be stuck carrying two mortgages for a brief or not so brief amount of time is fairly high. However, you must at all cost not allow yourself to let the fear of not being able to afford the two mortgages at the same time to make a bad decision that could end up costing you a lot of extra money.
C21 Lady of the Lakes is a full-service realtor serving Livingston County and the surrounding areas with all their real estate needs. More information can be found at http://www.ladyofthelakes.com/.