Selling and buying a house at the same time can be a daunting task if you do it wrong, but it is possible. Here are some tips to help make the process go as smoothly as possible.
The Basics
The truth is you have several options when selling a home and buying another. The best choice really depends on your personal situation, your property, the market conditions where your house is located at and your budget.
In this blog post we will go in deep in all the options. Before we dive in, there are a few precautions to take. Before you make any decision it is a good idea to understand what the condition of your property is and what impact it could have during the sell. Most of the times this is not taken into consideration and when you make the decision to List your house on the Market and wait for offers, they sometimes never come or they arrive too low of what you were expecting to receive. Getting an idea of the repairs will help you make a better decision specially if you are looking for a quick sale.
Selling your house before buying a new one
This is a common approach and it makes perfect sense. One of the main reason you sell a house before buying a new one is because you can create a condition where your sell will be based on the purchase price of the closing sale.
This option works well if you have plenty time to sell, do not need to sell quickly or if your home is in good conditions and does not require any repair work.
One big downside of this option is that you may be ending homeless for a period of time, another thing to consider is that you will need to make sure your sell goes as planned. If for some reason the sell falls through, you will have to restart the process of finding a new home and might lose your current house in the process. If this happens you would also be moving twice which is not ideal.
Selling your house after buying a new one
This option is less risky but comes with its own set of issues. The main reason people sell their house after the purchase of a new one is because they want to avoid the possibility of losing the house they like, this because the sell of their current home could fall through.
This option offers more security on the move however a big downside of this approach is that you might have to pay two mortgages at the same time and this can be costly.
Another thing you need to take into account is that this option might take longer than the sell before buying approach in most cases, specially if the market is slow.
Buying and selling at the same time
This option could give you multiple options, it has some real benefits especially if are looking for a smooth transaction making sure your house is going to be sold and the buy of the new one could complete as expected. The best thing about this approach is that you are not house-less for a period of time or paying two mortgage at the same time. You sell your house, buy another one and move in right away. This gives you all the benefits of selling your house first while avoiding all the risk of losing the option to buy a new house.
Most homeowners do not realize they have multiple options while looking to do a similar transaction like this. This is because most Real Estate Agents cant help them out by handling both transactions. Here at Go To House Buyer we provide homeowners multiple Options, one of them is the option to Sell their house and buy another one while staying in their house until they are ready to move to the new one…Yes! it is possible and this is just one of the multiples options you might have.
An investor like Go To House Buyer can buy your house in your time frame, you could receive the proceeds of your sale to buy a new one while staying on your home until you are ready to move, this is an amazing option, you wont be in a rush or homeless. You can make this move super smoothly and be sure the sale of your house will be completed.
When selling and buying a house at the same time, it’s important to consider all of your options. You may be able to sell your house before buying a new one, sell your house after buying a new one, or buy and sell at the same time. Each option has its own benefits and drawbacks, so it’s important to weigh your options and choose the option that best suits your needs. If you’re looking for a smooth transaction with no risk of losing your house, then buying and selling at the same time might be the best option for you.
Contact Go To House Buyer today to learn more about our services and how we can help you sell your house quickly and easily. We’ll help you make the move smoothly and stress free.
Go To House Buyer does not provide legal, tax, or investment advice. This material is for informational purposes only. It should not be considered as investment advice and may not be used as a basis for any financial decisions. Please seek advice from a professional in these areas before making a decision.