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Tips on Purchasing and Selling at the Same Time
Manage episode 179504286 series 1410178
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Today I’m going over some great tips for buying your next home while selling your existing one.
Looking to buy in Vero Beach? Get a Full Home Search
Looking to sell in Vero Beach? Get a Free Home Price Evaluation
A lot of people, especially if they are out of state or if they currently own a home, are having a hard time buying homes. Luckily, there are a few tips I have that can help you win in this market.
First, if you are someone owns their home free and clear, that’s fantastic. My suggestion would be to meet with a lender, set up a home equity loan, and be prepared to pay cash if at all possible. Not only will it make the process easier for you, it will also give you a competitive edge over all the other buyers.
Second, if you own a home but don’t have enough equity for the first option, you should meet with a lender to find out if you are qualified to get a second mortgage. We do have some lenders here in town that can help you with bridge financing and help you buy your next home before your existing one sells.
If you hire the right agent and price your home competitively, you should have no problem getting it sold.
Third, you could request an extended closing date in your offer. It’s a bit of a risk, but it has worked for a lot of people. If the seller isn’t in a rush to move, for example if they are waiting for their kids to finish school, you can ask for a four or five month out closing date. You do need to be prepared in case your home doesn’t sell during that time. However, if you hire the right agent and price your home competitively, you should have no problem getting it sold.
There are a lot of things that need to fall into place in order for you to successfully buy and sell a home at the same time, but if you have the right agent, it can successfully be managed. We talk to a lot of people who were very nervous about undertaking buying and selling at the same time, but as long as you do things in the order that is best for your financial circumstances, everything should go smoothly.
If you have any questions about buying and selling at the same time, or if you have any other real estate questions, please feel free to give me a call or send me an email. I look forward to hearing from you.
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