We help a lot of buyers that literally have not thought in over two or three decades. And that’s okay! It means you clearly have loved where you’ve lived and now, for whatever reason, it’s time to sell. Maybe you’re moving from a rental into a house of your own or perhaps you need to sell and buy simultaneously. Regardless of the reason, this can be a very stressful time and we want to make it as easy and as stress-free as possible. For this reason, simply understanding the process and maybe some things you’ve forgotten over the years will help make the process easier and less complicated.
Haven’t Bought a House in a While? Here’s What to Know
Buying and selling simultaneously can be a lot of work but having the right real estate agent or team assisting in both transactions will make the process much easier. Now, I’m not necessarily saying dual agency. This means that the same real estate agent is the one that selling versus the one that’s buying. That can work for the seller. For instance, if you are selling your property and buying within the same area or city, using the same agent for both is perfectly fine. However, as a buyer, using the same agent that selling the property to buy the same property, can create conflicts of interests and uncomfortable legality issues. Check out my recent post on a dual agency to clarify the difference between the two.
But, if you are selling your property in buying a home in the same city, using the same agent or agency is perfectly fine. This agent is working only for you, not the buyer of your property or the seller of your new home. This is where the lines can get blurred but I want this to be as clear as possible. Using one agent to sell your house and the same agent to help you buy another house, keeps things clear and understandable.
First things first, find out how much you can afford in a monthly mortgage payment. Unless you are selling your house for cash and buying straight out with cash, you will probably need financing. Let sit down and talk with a lender about the best options for either a bridge loan or rolling one loan into another. Having the team works together will make the process much easier.
You’ll also need a letter of preapproval if you are financing the new home. This letter, written up by your lender, proves that you have done the financial homework necessary to buy a house. Sellers expect this type of letter with all offers and doing so will put you ahead of the game.
Timing is of the essence. When buying and selling simultaneously, timing everything is crucial. This is why having the same real estate agent for both transactions makes so much sense. There’s only one agent to coordinate timelines rather than two or three agents. Because we are relocation experts we make a point to connect with all parties involved in every transaction so that things close on time and the process runs as smoothly as possible.
If you’re ready to list, let sit down and discuss your options. Will come up with the right pricing strategy and prepare yourself for buying a new home. Again, understanding the transaction and the process makes you feel much more in charge and ready to go. Give us a call at any time.