I have four tips to share with you that will help you buy and sell a house at the same time.
The thought of buying and selling a home at the same time can be a little daunting, but here are four tips that will help you avoid getting stuck with two mortgage payments:
1. Get pre-qualified. You don’t want to sell your current house without knowing if you can qualify to buy your next one.
2. Make sure you price your current home correctly when you list it. In many cases, people want to go out and buy their next home first, but what if their first home doesn’t sell? The only two things that will keep your home from selling are its conditions and its price, so make sure you hire an agent who will help you focus on these two factors so your home sells and you’re not stuck with two mortgage payments.
3. Make sure your financial situation is in line. If you make an offer on a house but you close on it before your current house sells, you need two to three months’ worth of savings to cover that extra mortgage payment. If you handle this situation correctly, you won’t need these savings, but it’s better to be safe than sorry.
4. Consider getting your home ready for sale early. If you can’t buy your next house until you sell your current one, get your home ready for sale and price it properly so you get it under contract quickly. Once it’s under contract, you can then get your next home under contract and do a double closing. If there’s a lag between closings, your agent and the other party’s agent can negotiate a buyer’s temporary lease or a seller’s temporary lease that will allow you to either move into the new house before closing or rent your old home after it closes until your new one does close.
No matter what your circumstance, before you buy or sell, you should make sure you have a great agent and a great lender by your side.
If you have any questions about this topic, don’t hesitate to give me a call or shoot me an email. I’d be happy to help you.
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