Home selling has been the biggest financial transaction and thus is difficult. But not to forget buying a house is nothing less. We here are providing you with 9 tips you could use when you have to buy and sell at the same time.
First Sell, then Buy:
It has been suggested by the experts to sell your house first and then look for a new one. This has been beneficial for 3 main reason. First is that you will know exactly how much money you have that you can spend on getting a new house? Second is now you can estimate the budget you have for the new house since you know a little about the market due to selling your home. You now have the exact money and can plan the finances. This means you know what you can spend and how much you can use for upgrades and other stuff.
When you have to shift within months due to selling and then buying you should rent storage unit which will temporarily hold your stuff so that you don’t have to worry about it much. The box mess wouldn’t be that big of a deal too.
We have established that selling first is a good option but if you buy first you will not even have to rent the storage. You will then be able to move your belongings to the new house and stage your previous home as a model home to attract more buyer and getting you more time to sell releasing pressure.
For both buying and selling your knowledge of the market is very important and thus the prices. You should know what your property is worth and mark a listing price according to that. Overpricing or underpricing both will be the cause of your trouble. Also when you are buying something you need to make a realistic offer so that you have chances of actually getting that place.
This is about the simple demand and supply phenomenon. If the demand for houses is less than means it’s a buyers’ market since he can play well to get the house. This is due to less demand. So always analyse the market. If it is a buyer’s market then buy first and then sell and if it is the other way around you know exactly what to do.
What is that? It is the rescue plan that needs to be operated if you get a house to buy but your existing house is not yet sold and you are out of money and loan favors. You sign a contingency contract with the seller that you will have the deed of the house when you give the whole amount of money after your current house is sold.
There are many buyers in the market who don’t buy the house for living but to get rent through it if you are lucky enough to find a buyer like that you can make him rent-back the apartment to you and you can live peacefully until you find a new home.
If you have a seller and a buyer and two deals are done but the one where you have to buy has a nearer deadline than your house being sold. So you can ask for bridge loans by showing the two agreements and telling that the loan will be paid as soon as you receive the money for your property.
When you have to do two things that are so difficult you need to hire an agent who can look for houses for you and get your house sold because if you try to do all the work May God bless you. This is the person who will listen to you when you tell him sell my house for cash and he will be representing you when you want to say “we buy houses.”