Posted on: 4 August 2015
Buying a home is stressful enough, but when you are also in the process of selling your old home that stress can easily be amplified. Buying and selling simultaneously can mean double the logistical challenges, paperwork, and time. Luckily, there are ways to streamline the entire selling and buying process in order to cut down on stress and keep things as efficient and simple as possible. Here are six great ways to do just that:
Getting a loan on a new house can be tricky when you're still paying a mortgage on your old house. One way around this is to have a lender pre-approve you, since they can often do so while running the numbers as though your current home has already been sold. Follow these specific tips for getting pre-approved in no time.
Hire a Reliable Realtor
While it may be tempting to sell and buy on your own and save yourself a commission fee, hiring a good realtor will automatically streamline the process and save you time and stress. A reputable realtor will have significant expertise when it comes to clients who are looking to buy a new home at the same time as selling their old one.
Self-storage can be a life saver when buying and selling. For example, when staging your home for sale you will most likely need to remove excess personal belongings, clutter, and furniture. Since you haven't bought your new home yet, you can simply store these things in your personal storage unit.
Self-storage is a great solution for any awkward in-between phases where you are no longer keeping all your belongings in your old home but haven't officially moved into your new place either.
Consider a Contingency Offer
Sometimes it's prudent to add a contingency to a real estate contract, especially when buying and selling at the same time. For example, you may add a contingency stating that you will buy the house on the contingency that your old home sells. Some sellers will reject this type of offer, so it's best to have your realtor analyze the situation and determine if it's worthwhile for your particular market.
Have a Plan for Showings
Since you haven't yet purchased your new place, showings can be a little tricky. Have a plan in place for getting your family and as many personal items as possible out of the house during showings.
You may want to have your realtor schedule as many showings as possible back-to-back over the course of a weekend, and simply stay in a hotel or with friends or family during that time. For last minute showings, keep baskets or plastic tubs on hand to toss personal items into and then load up the car and head to a park, take the family to lunch, or visit friends.
Coordinate Closing Dates
Your closing dates for the two separate real estate sales can have a huge impact on how easy and streamlined the process is. The best option is usually to have the closing date for the purchase of your new home to come before the closing date on the sale of your old one. This way you will have some leeway and time when it comes to moving.
If this turns out to be impossible, however, you can always store the rest of your belongings in your self-storage unit and try to stay with friends or family, or in a short-term rental, until you close on your new home.
With the help of these tips, you should be able to buy a new home and sell your old one without a lot of unnecessary stress.Share