After much deliberation, you have finally decided to sell your house. Whether you are relocating because of a new job opportunity, moving to a better school district, or needing a bigger home, the selling process can be both exciting and intimidating.
Buying And Selling A House
However, while trying to sell your home to the highest bidder, you are also probably looking to buy a new one, making the entire journey more stressful and complicated. There are so many things that need to be considered which is why many home sellers and buyers often find themselves in a bit of a juggling act, trying to figure out how to sell their property and buy a new one fast.
To help you along, we wrote the ultimate guide covering the most important steps you must take when selling and buying a house simultaneously.
Hire a real estate agent
When selling and buying a house, hiring a real estate agent can never be overlooked. Because there are so many things to be considered and lots of paperwork involved in both processes, relying on a reputable real estate agent is a great way to ensure things go smoothly. This person can help clients in many ways, including
- Price their homes appropriately;
- Find suitable buyers;
- Search for a new home;
- List an open house and stage the old house when owners aren’t available;
- Find temporary housing for clients in case their next home isn’t prepared yet;
- Complete all paperwork.
Also, many real estate agents suggest their clients use powerful tools, such as the Wahi showing guide, where they can write down notes and questions they have about the selling and buying processes. Sellers and buyers can return to these notes at any time and present them to their agents whenever necessary.
Consider making a contingent offer
If you are one of those buyers who need to sell their current home to purchase a new one, especially a more expensive property, you should consider making a contingent offer to protect yourself in case a deal falls out. This will give you more time to sell and close on your existing home before committing to a new house, helping you avoid owning two properties and holding two mortgages simultaneously.
The details of how exactly the contingent offer needs to go about must be specified in your agent’s real estate sales contract. If you have any questions about the home sale contingency, you should consult a qualified professional to provide you with all the important information.
Make sure your agent uses a specialized management system, such as real estate CRM software, which enables them to stay organized and ensure nothing falls through the cracks.
Plan your budget carefully
Preparing your budget is another important thing you need to consider when selling and buying a house. In general, most homeowners can’t afford to purchase a new property without selling their original home first or at the same time.
You will probably have a hard time coming up with the down payment. That’s why you must plan your budget carefully and explore all your financial options before making any purchases.
For instance, home selling and buying experts often suggest clients take a bridge loan if they don’t have enough assets to cover their down payment.
Order home inspection
Ordering a home inspection is an important step you must take when selling and buying a property. The whole purpose of the inspection is to ensure that your existing home and the house you are planning to buy are in good condition and that there are no issues that may pose a health or safety hazard.
For instance, the greatest benefit you get from ordering a home inspection when selling your house is that it will make your property more attractive to buyers. You will be able to repair anything that is out of order which can also help you increase the market value of your home.
On the other hand, the benefit you get from ordering a home inspection when buying a house is that it will help you save money on unexpected and expensive repairs later. You can also take this opportunity to negotiate with the seller to lower the home’s price or arrange repairs before closing.
Final thoughts
Both processes can be quite stressful and time-consuming, whether it is your first time selling or buying a property. In addition to relying on the assistance of a reputable real estate agent, make sure you also refer to our post and read how to sell your existing home and buy a new one fast and surely.