Selling One, Buying Another
In a perfect world, you sell your old home and buy the new one on the same day. Given that things rarely turn out perfectly, here are some things to keep in mind as you negotiate the sale of one house with the purchase of another.
Time it right
Fall and spring are the best times for homes to move and you want to consider the season of the year when buying and selling. And if the closing dates are not going to coincide, a gap – rather than two mortgages – is the better. It is easier and usually cheaper to find temporary housing than juggle two mortgages.
It happens. You are only thinking of buying, and suddenly the right home shows up in the perfect location at the perfect price. Now you have to sell your old home quickly. Here are some tips on making things work in your favor:
Same Market or Across Country
Generally, if you are buying and selling in the same market, you can negotiate closing dates to work for you. But when you are dealing with a cross country move, it is a lot harder. Another good reason to have a real estate professional at this point. Legal documents can be faxed or sent via electronic signature and your focus will not be stretched to the limit. You may end up renting one home or the other, or have to consider a bridge loan. But with someone local in the market on your side, it will hopefully be less stressful.
Show Me the Money
Make sure you have a tight hold on, and a clear understanding of, your financial situation. Cash reserves are always helpful, but never more so than during the purchase of a home. If you are a smart shopper/seller, you will accept an offer from someone who is flexible about move-in dates. It can save you money in the long run. Too many moves with storage costs can quickly eat up any profit you may have made in the transaction.
Working along side The Macklin Team with Sawgrass Realty of the Treasure Coast will help alleviate many stressful situations. We are truly here to help! Call us today (772) 340-6116.