Do you need to buy and sell a home at the same time? Here are five tips that will help you out.
When you have to buy and sell a home at the same time, there are certain issues that may arise along the way that you’ll need to pay attention to. Buying a home can involve issues, selling a home can involve issues, and doing them both at the same time can involve even more issues. Here are a few tips to help you get through the process:
1. Don’t forget about your earnest money deposit. Even though you may be planning on making a nice profit by selling your home, you’ll still need an up-front earnest money deposit for your purchase to ensure that your contract is valid.
2. Use the same title company for both transactions. This seems simple, but it’s not often done. By utilizing the same title company for both transactions, you will be able to transfer money more quickly from your sale to your purchase. It makes things way smoother. If you use two different companies, there will be a longer wait involved that could add to your stress and anxiety.
You and your agent need to be transparent throughout the transaction.
3. Make sure you utilize a post-occupancy agreement. Finding a new home can be difficult, especially if you’re looking for something in particular. This agreement will allow you to have time to find the perfect home and not have to rush through the process.
4. Put your stuff in storage. During your transition, putting your stuff in storage not only makes sure that your home is free and open for buyers, but it makes things easier if you end up changing your mind about a purchase or the deal falls through. It reduces the stress of moving greatly.
5. Be open and transparent to all agent parties involved. Both agents need to be transparent with each other too. Make sure any buyer or seller is aware of any contingencies you have upfront so it isn’t sprung upon them. This will reduce the possibility of one or both of your transactions falling apart.
I hope these tips are helpful to you if you or someone you know is in a similar situation. If you have additional questions or need my help, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.