Buying and Selling a Home Simultaneously? Here Are Two Top Tips

It may be overwhelming to buy and sell a home simultaneously, but it’s not impossible to reduce some of the tension by taking important, simple steps before beginning.

Here are two tips you can follow to avoid being overwhelmed by the process.

Get Support from a Team of People

Although you may be capable of buying or selling a house by yourself, going through the entire process solo can be extremely stressful.

Having a team or support system to assist with the procedure will take some of the weight off your shoulders and reduce stress. While going through the process, you will need to continue with your typical, day-to-day affairs. This includes working to settle your bills and feed your family.

Trying to buy and sell a home at the same time is extra work that you don’t want to handle alone, especially when it comes to paperwork and contracts.

You need a team of people to help you get stuff done. Here are three important people I recommend using to lighten the process and avoid going through a situation that can be emotionally challenging. 

• Your partner (or spouse if you’re married).
• A buyer’s agent to assist with the purchasing of your new home.
• A listing agent to assist in selling your home.

Get Personal With Your Money

To buy a new property, you must first understand your financial situation. You’re aware that you’ll need cash to acquire real estate, but you might not know exactly how much is required.

Before you start house-hunting, get prequalified for a loan, so you have a better idea of what price range to focus on. A mortgage broker can help with this process.

You could also begin setting money aside and eating less often at restaurants. You’ll want all the financial help you can get, so start saving if you don’t have millions in your savings account.

Another alternative is to use the money from the sale of your house to finance a dream home. If you have a mortgage on the home you want to sell, part of the proceeds will go toward paying off the bank. Other fees, such as title and closing, will be covered. The remainder of the cash is yours to do with what you choose.

You may only make an offer on a house you want to purchase if the buyer of your present property has paid.

Please consult a real estate agent before signing any contracts that could be disadvantageous to you. You will receive guidance throughout the process and lighten the load you’d otherwise experience. If you want more information on buying and selling a home concurrently, reply to this email, and we can further explore your options.