You’ve decided it’s time to sell your home and buy a new one. Congratulations! You may be going through a very exciting time right now. However, it can also be a very stressful time if you’re not prepared for what’s ahead.
One of the biggest challenges you’ll face is buying and selling a home at the same time. It’s not impossible, but it can be tricky if you’re not organized, prepared, or have an experienced agent to help orchestrate seamless home transactions.
Find An Experienced and Reputable Greenwood Real Estate Agent
When you’re buying and selling a home at the same time, it’s important to find an experienced and reputable agent who can help manage the process for you. With years of experience in the industry, they should have a deep understanding of the buying and selling process and be able to guide you through it smoothly.
More than likely, you will be making an offer on your next home with a contingency that you sell your current property. There are ways around this, but items like closing dates, offer contingencies, inspections, appraisals, and other things must line up with both transactions.
Get Your Real Estate Finances In Order
When you’re buying and selling a home at the same time you need to make sure your finances are in order.
Here are some pointers to assist you:
- Contact a reputable mortgage lender if you need financing for your next home purchase.
- Cut back on unnecessary expenses and pay down some debt.
- Save up for a down payment; expect anywhere from 3.5% to 20% based on your loan type.
- Know your credit score and repair any errors, according to your mortgage lender suggestions.
- Plan for the unexpected, i.e. short term rental lease or storage for your belongings.
Find Your New Home in Greenwood
Now that you have an idea of what’s involved in buying and selling a home at the same time, it’s time to start your search for the perfect property. As always, the key is to start slow and take your time.
The best way to begin is by getting with your real estate agent to set up an automated home search. You can also try browsing through online listings and magazines, or by driving around and taking note of homes that catch your eye.
Once you’ve found a few properties that you like, take some time to tour them and get a feel for the neighborhoods. Remember, it’s important to find a home that not only meets your needs now, but will also be suitable for your future plans. So think about how long you plan to stay in the area, whether you want to rent out the property or use it as a family home, in addition to any other renovations you might want to make.
Put Your Current Greenwood Home On The Market
If you’re ready to sell your home, put it on the market as soon as possible. This will give buyers the chance to view it and make an offer, and it will also show that you’re serious about selling.
There are a few things you can do to make your home more appealing to buyers, such as decluttering, cleaning, and making repairs. You can also stage your home to make it look more spacious and inviting. If you’re not sure how to go about staging your home, or you need some tips on how to make repairs, consult with a real estate agent. They will be able to help you get your home ready for sale and give you advice on what to do to get the best price.
In addition, your real estate agent will help you understand any offers that you potentially get on your current property, and how to best negotiate terms that will allow you time and funding to close on your next home purchase at the same time.
Close On Your New Greenwood Home And Move
Now that you have found your dream home, it’s time to start the process of buying and selling your home at the same time. This can be a lot of work, but with the help of a competent real estate agent, it can be done efficiently and without any stress.
You will likely be selling your current property first, and then directly afterwards you will close on your new home. By doing this, it allows the funds from the sale of your home to be applied to the purchase of your next home. Most of the time the closing for both properties are on the same day.
With the help of an experienced real estate agent, you should easily be able to sell your current property and purchase the next one without any issues. The real estate agents at JF Property Group are seasoned in buying and selling a home at the same time. Contact us for a free consultation about how you can buy and sell your next home.