Monday, June 28, 2021 / by John Salkowski
Remember these points will help you buy and sell simultaneously.
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If you need to buy and sell at the same time, here are the most important points to remember to pull off both transactions successfully.
1. Get pre-approved for your next purchase. You need to know what you can afford in terms of your next home, so be sure to contact a reputable lender or bank (which we can help with).
2. Decide where you want to live and what style of home you want. All of this has to be in order, because selling and buying in this market will be challenging. It can be done, but it will still be challenging.
3. Prepare your current home for sale. This is important because you need to sell in order to buy. As I always like to say, when preparation meets opportunity, success is inevitable. When preparing your home to sell, you need to have a trusted real estate professional by your side to discuss the pre-sale inspections you must get done. I recommend getting a pre-sale home inspection, a pre-sale termite inspection, and a private water and sewer inspection (if your property has a private water and sewer system). You need to be able to see which issues you have in your home before a buyer does.
"If you sell now, you’ll make more money than you would in any other market."
4. Once your home is prepared for the market, it needs to go live on the MLS. You need to start generating buyers and offers. After that happens, it’s onto the next point…
5. Find a home you like and submit a strong offer. In order to buy and sell simultaneously, you can’t tell the seller for the home you intend to purchase next that you have to sell your current home. Even though your home is active, it can’t be contingent upon your offer.
Again, buying and selling in this market will be challenging and potentially quite stressful, so I recommend selling first and then buying. Many people don’t want to do this because they don’t want to live somewhere temporarily. However, my team and I have several clients who are selling first and then living temporarily because they want to take advantage of this strong market. Keep this in mind: If you sell now, you’ll make more money than you would in any other market.
If you have any questions whatsoever regarding buying or selling a home, please reach out to me or one of my team members. There’s no cost or obligation, and we’d be happy to speak with you.