Buying and Selling Homes at the Same Time
If you currently own a home but are looking at selling it to buy a new home, how exactly do you navigate that process? There are so many moving parts of buying and selling homes from your own financing to that of the other buyer. And, to make it more complicated, they may also be selling a home. For some buyers, you may be selling and buying in two different cities or even states. With all the puzzle pieces that have to fit together, it can be overwhelming to even start the process. Here are some tips from mortgage experts to help you get started.
The Domino Effect
You own a home that you want to sell. You found a home that you want to buy. You need to sell your home before you can complete the deal on the home you want to buy. But what about your buyer? They may also have a home they need to sell to make their transaction happen.
The more moving pieces there are, the bigger the chance of a domino effect. All the pieces will either fall at once or you may find yourself at a sticking point.
While the situation is complicated, it’s far from impossible. It happens all the time, and working with trained professionals will make all the difference.
Building a Coordinated Team
You have a seller’s agent. They may also be your buyer’s agent. So, of course, you need to build a great relationship with them. You will also have your mortgage lender who will handle all the financials to ensure that you can buy your new home.
This may be contingent on selling your other home and if there are any delays with that process, it could impact your purchase. This is why building a coordinated team is essential. You need them to be responsive, communicative, and reliable. While you may not be able to control the team the other party chooses, you absolutely have to be able to depend on your own.
Get Your Finances in Order
Whenever you buy a home, you’ll need to have your finances in order. But buying and selling homes at the same time is a delicate dance. Sometimes the money you need to buy a new home is tied up in your current home.
A good independent mortgage lender is exactly the right person to have on your team. They can work with you throughout the process to ensure that your investment is working for you, the money is accounted for, and things can be signed, sealed and delivered as quickly as the pieces come together.
Know What You Want
What’s most important is that you know what you want. We know that sounds overly simplistic, but here’s the thing: if you need to sell your home in order to buy a home, you can’t put the cart before the horse.
This can be even more complicated if you’re selling in another state to buy your Asheville dream home. You may be tempted to buy your new home first, but that may not always be the best solution. However, in some cases, it might work out for you. Whatever you do, talk with the professionals to ensure you’re not forcing ill-fitting puzzle pieces together.
Do you want to know more about buying and selling homes at the same time? GoPrime Mortgage of West Asheville can help you with the process. Feel free to send us a message or call us.
