It would be just awesome if the buying and selling process for a house would be completed at the same time, but it needs everything to be planned carefully and perfectly. The deadlines, paperwork, research, enlisting, etc, is going to be a stressful task when you are planning to do both at the same time. However, still, you can manage it by keeping a few points in mind and making every move carefully.
Also, you should be prepared for the unexpected, at the same time. No matter how well you have planned the process and scheduled the timings, the things can go unexpectedly. It is because of the fact that you are not the only person involved in the process; you need to work in accordance with the buyers, sellers, financiers and real estate agents. For an instance, just think of the moment that you have planned to buy and handle the house at the same time. Chances are there that you may find a house of your dreams you are ready to buy but there is no offer for your home. Or someone is ready to give more than the desired price for your house but you not have found a new one yet.
So, the main thing that you need to keep in mind to sell and buy your house fast is being prepared for the unexpected. Here are some tips that would help you handling both the process at the same time.
Create a plan
Though you would be doing both the processes simultaneously, but you would need to buy or sell first. So, decide what to do. There are rewards and risks in the both. Qualifying for a mortgage would be easier when you sell your house first but then you will be required to find a temporary place to stay. And your move to a new house would be easier when you buy a new house first but it will make it difficult for you to get qualified and manage both the mortgages. Examine the consequences first and then choose an option that you find relevant.
Don’t depend entirely on your plan
No doubt you need to create a plan, but you should not depend on it entirely. Keeping in mind the variabilities of the involved people, you should be ready to bring changes in the timings. Things in your plan will look smooth from above, but they can put you in a difficult situation if not dealt with properly.
Consider your finances
While trying to buy and sell your house fast at the same time, you must have a look at your finances. Ask yourself if you are in the financial condition of holding two mortgages at a time. Also, shop around while applying for a mortgage and try to find a one with the low-interest rate as it will free up some of your cash.
Though selling and buying a house simultaneously is a stressful task, but you can minimize this stress by knowing your options and creating a full-fledged plan.
Andrey Socurec is a leading house buyer in Minneapolis, MN and is a founder of Homestead Road. After completing his degree in Finance and Banking from Belarus Economic University, he shifted to America for making his career in real estate. With his continuous efforts, he has become a well-known authority in Real Estate.
October 13, 2016