Buying & Selling
Sep 4, 2020
4 Tips For Buying And Selling A House At The Same Time
Buying your first home can certainly be stressful. But what happens when it's time to list your first home and find a new perfect space for your family? Buying and selling a home simultaneously leads to a whole slew of new questions, some of which we hope to answer with the tips you'll find here.
1. If possible, get pre-approved to temporarily own both homes.
In today's market, the easiest way to purchase a home and sell one at the same time is to get pre-approval from your bank to own both at the same time. Due to the high demand for homes and high volume of potential buyers without conditions, sellers are often reluctant to accept offers that are contingent on the sale of the buyer's previous home.
If getting pre-approval isn't possible for you, it's best to get your current home listed right away so that you can get an offer and get it sold so you can then place an offer on a new home with confidence.
2. Have a back-up place to stay in case your home sells before you find your new dream home.
Sometimes, even without approval to own both homes simultaneously, the timeline of selling and buying lines up well and those clients can move directly from their original home to their new home. Often, however, people who are both selling and buying a home have a gap period between moving out of their original home and into their new home. As you are going through this process, it's a good idea to have a plan of where you might stay temporarily if you find yourself in this situation.
3. Ask your realtor about professional photos, escalation clauses and swing loans.
When going through the process of both buying and selling, it's important to have a knowledgeable and competent agent on your side. When interviewing realtors, we recommend asking about professional photos of the home you're selling, escalation clauses and swing loans. If they provide those tools or can help you get them, then they should be trusted with your purchase and sale.
4. Be ready for the unexpected.
As you might remember from your first home purchase, unexpected things can happen, especially as safety conditions are changing rapidly today. While your trusted agent should be able to help you through whatever is thrown your way, an open mind and ability to ‘go with the flow' will ultimately help you through this stressful process. In the end, the journey to your dream home is worth it!
If you're ready to sell your home and buy a new one, our trusted agents at Orizon Real Estate can help you navigate through the process. Call 260-248-8961 to get connected to an Orizon Real Estate agent today.