Buy Sell House; How to Make It Work


Do you need to buy a house fast? Maybe you have found your dream home, how do you list your current house for sale and buy a home at the same time? The process of buying and selling a house at the same time can be tedious. If you buy first, you might find yourself paying two mortgages at the same time. If you sell first, you might not move into a new home on time which means having no roof over your head for the time being. Buy sell house simultaneously requires extensive planning, unless in cases where the person can afford two mortgages at once.

Things You Should Consider When Buy Sell a House

Should You Sell or Buy First?

The ideal process is to purchase a new home, relocate, then list your old home for sale. However, if you need to buy a house fast, the process of selling before you buy might not be feasible. However, if you have the income to qualify to purchase without selling, then you are good to go. Other reasons why you may need to buy and sell simultaneously include the need to release the equity tied up in a property to start a new business, or to move abroad. Before you decide on your first move, consult your financial planner to review your financial situation. The next step is to meet with your real estate agent, for an appraisal of the value of your home and if you can get a fair price in real time. Another alternative is to make an offer on a new home pending the sale of your current house.

Is Buying a Home with Cash my Best Option?

If you are not willing to pay two mortgages at the same time, buying a home with cash is an alternative. This means you want to do it all at once. It is common for homeowners to sell their current home and close a deal on a new house the next day. If you have not found your choice home, start looking at potential houses to buy, then, meet with your realtor. The process might seem complicated, but it is possible if you have the right support and planning by professionals.

Rent Out Your Current Home to Cover the New Mortgage

Instead of selling your home out rightly, you can find tenants who would be willing to higher than your monthly mortgage. Consult your real estate agents for advice on what it would cost to maintain your home monthly and if renting out your existing house makes financial sense. A significant disadvantage of this option is the many responsibilities that come with being a landlord. Also, to buy your new home first, you will need to come up with the down payment saved.

Sign a rent-back Agreement with the New Owners of Your Home

Another viable option when you need to sell your home fast to pay for another property is to sign a rent-back agreement with the new owners of your home. This process allows you to stay in your home while you are looking to buy another house. However, you will need to pay rent to the new owner. The downside of this method of home sale is that it may reduce the offers on your home. Alternatively, you can look for a temporary life in a rental while you search for a new home.

Should I Consider Cash Buyers Only?

A homeowner might list as cash buyer house only for many reasons. It might be as a result of not wanting to miss out on the sale of a new home. Besides, if your property takes three months to sell, the price of the dream house could have increased by then. You can also buy your new home for cash. However, ensure a cash buyer is a real cash buyer. So look for a realtor or a genuine cash buyer who is ready to buy your house for cash. 

Carry Out Your Research and Get Help from Professionals

It would be prudent to have a professional guide you through the process instead of doing it yourself.  Whether you are buying or you are selling, it is advisable to work with mortgage advisors and realtors. Moreover, contrary to what people think, real estate transactions can be complicated at times. Though you can decide to save on real estate commission and do it alone, the stress and cost of litigation might be more expensive than hiring a professional real estate agent who would get you through the whole stage of the transaction. How can you get the right agent? The internet is an excellent place to start your search. However, before you work with an agent, verify their credentials.

Selling Your House First

Immediately you put your home on the market, start looking for a property to purchase. In most cases, it is better to buy a house as it is or buy a home for cash. However, wait till you have accepted an offer from buyers before you make an offer on any of the houses. This means you are putting an offer on a new home “with a settlement contingency.” In this case, your suggestion is conditional on your current home selling by a specific date. You can pull out of the deal if your property is not sold by that day. 

Negotiate When Buying

Don’t negotiate when selling alone, bring out your negotiation skills when selling also. However, keep in mind that your market will determine your negotiating power. Does your market favor sellers or buyers? Getting acceptance on a contingency offer will be more comfortable if your market favors buyers. However, if the market is more favorable to sellers, consider adding more cash out of pocket.

Do You Have the Financial Capacity?

When you need to sell your house fast and also buy at the same time, it is essential to review your finances. It is not enough to have just the funds to cover both the sale of an old home and the purchase of a new one. You should put aside some money to cover expenses such as staging, repairs, and preparation before you sell your home. Also, when it comes to buying a new house, there are expenses like deposits, reports, and inspections.

Selling and buying a home can work out if you plan it properly.


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