Buying a home is hard enough, but many people find themselves in the position of needing to sell their house either before or at the same time they are buying one. As if one wasn’t stressful enough… It is possible to make the process easier. Here are a few tips to think about before you get started.
Get a Net Sheet for Your Current Home
A net sheet will tell you how much you’ll be walking away with when selling your home after closing costs. If you are counting on that money to make a down payment, this will give you an idea of what you can expect to have available. This is also a good time to get an idea of how much your current home is worth.
Put Your House on the Market
It is important to list your house before you call up your real estate agent to start looking. Finding your next dream home before you sell your current one will only dash your hope when it sells before you can put an offer down. Start showing your house and when you start having a lot of showings, it might be a sign that an offer will come soon and you can start looking for your new house.
Accept an Offer on Your Current House
Things will start to move fast once you accept an offer, but you want to make sure things don’t move too fast so you don’t find yourself without a place to live. Try to negotiate for a longer closing date with the buyer. This will allow you more time in your house to get things in order. Ideally, allow yourself two-three weeks to house hunt and a month to close.
Close the Deals
Once you find your home, closing can get a little complicated. If you don’t have temporary housing, you may want to sell and buy your house on the same day. In order for this to happen, you will need to negotiate the closing date for your new house to be the selling date of your existing house. If temporary housing isn’t an issue, you can make the closing date for any time after the selling of your existing home.