One of the most stressful times you will have in real estate is buying and selling simultaneously. You may have received an offer to sell that was too good to be true or found your dream home when you least expected it. Regardless of the situation, you are forced to juggle two separate transactions at the same time. While this can be overwhelming, it doesn’t have to be. Here are four tips that will help guide you through buying and selling at the same time.
Start With The Sale.If you must pick one transaction to focus on first it should be the sale of your home. This is where you live and if that transaction falls through you will most likely not be going anywhere. The selling process generally relies on blind faith however there are things you can do to help ensure a smooth transaction. The first is choosing the most qualified buyer for your home. If the asking price is in the ballpark, choose the offer that is most likely to close. The second is preparing your home for the inspection and appraisal. You need to make sure there are no snags in those areas. Start with the sale of your home and then work on the purchase.
Get Everybody On Same Page.There are plenty of moving parts when it comes to a real estate transaction. Just on your purchase you have a real estate agent, attorney and lender for both the buyer and the seller. Now double this for the sale of your property. It is essential that everybody is on the same page. In most cases your real estate agent and attorney will reach out to everyone and give them the necessary dates and figures. You are within your bounds to be annoying and follow up just to make sure everyone is one the same page. This is your transaction and it is too important to let something slip through the cracks.
Make A Buying And Selling Checklist.Moving into a new property can be difficult. Moving out of a home you have lived in for years at the same time can seem downright daunting. The best way of handling this is by making dedicated move in and move out checklists. Write down everything you need to move out from boxes to finding a dumpster company. Your real estate agent may be able to help provide a detailed checklist. Do the same for your purchase. Make a list of things you need to do or items you need for the purchase. Everything from calling the cable company to renting a moving fan shouldn’t overlooked. Start attacking your checklist with plenty of time so you aren’t rushing right before the closings.
If you have been through the buying process before you know just how stressful it can be. You also know that in just a few weeks it will all be over. Instead of making yourself on edge you are better off enjoying the process. This is easier said than done when you have a dozen things to worry about but as important as it is, you are just buying a house. This is nothing to fight with your spouse about or take time away from work. As much as you can try to relax and accept that there will be unexpected issues that will come your way.
Buying and selling at the same time is much more common today than ever before. Plenty of homeowners are in the same situation as you and have managed to get through it. Use these four tips to help make the process as smooth as possible.