The Art of Selling & Buying Real Estate
Buying and selling a home at the same time may seem daunting, but it doesn’t need to be. This is especially important given how crazy the market has been over the last few months. A lot of people are concerned about selling their homes while trying to buy new ones, but it doesn’t have to be difficult. In this video, we go over some options and what you should expect if you’re thinking about doing this. You can also watch and share this video on YouTube and Instagram.
Sell Your Home First
The first thing to consider when buying and selling a home at the same time is whether you need to sell your current home before buying your next one. For example, you may need to sell your home to fund the down payment on your new house, or you may not want to carry two mortgages. If you need to sell your home first, here are some things to consider:
- Request a 30-60 day close with a lease-back: As a seller or listing agent, you can request a 30-60 day close with a lease-back after the sale. This means that you can close on your house in one month and then live there as a tenant of your buyer for a couple of months while you search for your next home.
- Offer a higher due diligence fee: Due diligence is the non-refundable deposit you pay the seller to take the house off the market so you can do inspections, appraisals, and title work. The higher your due diligence fee, the more weight your offer will have, especially if you’re contingent.
- Price your home aggressively: If you need to sell your home before buying a new one, you’ll want to price it aggressively within the comps and what the market expects. This will help you sell your home quickly and avoid waiting around for months while you search for a new one.
Buy Your Next Home First
If you don’t want to buy a new home before selling your current one, there are some things to consider as well:
- Take advantage of the grace period: When you close on a home, you get a one-month grace period before your first mortgage payment is due. This means that if you close on a house in November, your first mortgage payment won’t be due until January. This gives you time to sell your current home before the new payment is due.
- Consider a bridge loan or HELOC: A bridge loan or home equity line of credit (HELOC) can help you finance your new home while you’re waiting to sell your current one. You can use the money for your down payment, due diligence fee, earnest money deposit, and inspections.
- Talk to your financial advisor: If you don’t want to pull money out of your 401k or the stock market, you’ll want to talk to your financial advisor to see if that’s a good decision for you.
Buying and selling a home at the same time may seem overwhelming, but it doesn’t have to be. Whether you need to sell your home first or buy your next home first, there are options available to help you navigate the process. Talk to your real estate agent and financial advisor to determine what’s best for you.
If you need help buying or selling real estate in Charlotte, North Carolina , contact Andy Griesinger – Charlotte’s #1 Realtor. Call Andy at (443) 299-8946 or e-mail andy@andyre.com to learn more about his exclusive buying and selling processes.
The post The Art of Selling & Buying Real Estate appeared first on Andy Griesinger.
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