Both the home buying and selling processes are straightforward and relatively easy to navigate. But when it is necessary to sell the current home while also buying the next one, the process is sure to become more infinitely more complicated.
Homeowners who are considering this type of real estate maneuver can use these proactive tips to help them avoid conflicts and enjoy more success as both a seller and a buyer.
Do some preliminary homework for both transactions
Instead of just preparing a home for sale, sellers who are also about to become buyers must also prep for the purchase of their next one. A good plan for this is to set aside time to handle some important tasks for both before committing to listing their home for sale or beginning to view available homes for sale.
This preliminary homework should include the regular tasks associated with selling, such as ridding the home of clutter and making repairs or cosmetic improvements. This preliminary period is also when they will need to prepare for buying by getting finances in order and securing firm mortgage approval.
Taking care of these tasks will ensure that the home that is being sold will get the best possible offers from prospective buyers as well as help to expedite the buying process so that both closings can occur in close succession.
Opt for move-in ready listings
Sellers who are also actively engaged in buying their next home will need to consider time constraints as part of their buying criteria when viewing homes. In most cases, sellers in this situation will enjoy a less stressful experience by choosing to focus their attention on home listings that are move-in ready or those that will require only minimal changes.
Utilize the protections provided by contingency clauses
Sellers who are also working to purchase within the same timeline cannot afford to take unnecessary risks that could cause them to end up owning two homes or defaulting on their agreement to purchase. Utilizing appropriately worded contingency clauses will ensure that they will not be obligated to complete the purchase of a home if their own home sale should fall through.
Choose the protection of expert representation
Sellers who want to ensure that they can close on their own home and also be prepared to close almost immediately on their next one must make every minute and action count. Choosing to make use of the knowledge and resources of a successful listing agent along with an expert buyer's agent will provide the type of support needed to succeed with this type of complicated real estate maneuver.
For more information about selling a home or finding a home for sale, contact a real estate agent.