Buying or selling a home involves a lot of work, so doing both at the same time complicates the whole operation with quite a bit of juggling. Here are 5 tips to help you buy and sell a house at the same time in Essex County.
TAKE A GOOD HARD LOOK AT THE MARKET
Since you’re looking to both buy and sell a house at the same time, it’s a top priority that market research is done. As a seller you need to understand what your would receive for your property and that is obtained either through a CMA or through an appraisal, both coming from local professionals. Finding the sale prices of similar homes surrounding both the for sale and purchase properties helps you price your listing appropriately. It also helps you know what prices are fair in the properties you’re looking to purchase.
If you take the time to figure out what will sell in your neighborhood it will take some of the stress out of the full equation, and then you can focus on finding that perfect property for yourself.
FULLY ANALYZE YOUR FINANCIAL SITUATION
Normally when approaching any sort of property sale or purchase you want to carefully comb through your finances to budget realistically and patch up any holes in your credit history. Due to the special circumstances involved here as you buy and sell a house at the same time, you want to be extra careful and have a very specific budget to which you hold fast. there are expense that always pop up so, if you operate on a budget add a little cushion in for unexpected expenses.
The reason to be so disciplined with your finances during this transition period is you’re working with a delicate balance of timing. You want to have the finances available in the event you’re stuck temporarily paying two mortgages while waiting for your home to sell. there are strategies to implement so this does not happen so, don’t worry but, put in place a solid plan.
GET A PROFESSIONAL INVOLVED
In order to help you spin all of the plates as you buy and sell a house at the same time, it’s advisable to seek assistance from a qualified, experienced real estate agent that has done this type of transaction before. There are a lot of detail involved and several slip-ups can really complicate the transition. Checklists and communication are key during this process and this will make things much easier on you. Don’t hesitate to open up to the professionals so, they understand the full scope. One of the biggest mistakes is that clients don’t mention important details until it is too late in the process. Identify key issues at the beginning so, the negotiation discussion works in your favor.
NEGOTIATE BOTH MONEY AND CLOSING
Every single offer you put in or you receive could be the important step that gets you closer to moving to your new home, but any offer is worth more than just the monetary value proposed.
Because you are in the position of trying to hop from one property to the next with as little disruption to your everyday life as possible, trying your absolute best to line up closing dates should not be overlooked. The challenge of getting this to happen is unpredictable and entirely up to you and both other parties involved in the negotiations, but it certainly has a chance of happening.
Remember that through negotiations you can try using any offer contingencies or even money to try getting either party to close the gap on your closing dates.
FORMULATE PLAN B
Even with all of the professional help in the world, there’s a chance that closing dates won’t line up properly, or maybe you have to jump on a purchase before a good offer comes in for your home.
This is where you want to have a backup plan ready to go. You don’t want to find yourself having sold your home and with nowhere to go. Look into renting with a short-term lease or even resort to crashing at a friend’s house if that’s a viable option.
Professional Help When You Buy and Sell a House in Essex County
Trying to buy and sell a house at the same time? Call us it’s what we do! Our team is here to take away the stress for this exciting time in your life! Reach us at (978) 877-2873!