How do I sell a house and buy another one, is a question I get often. Selling a home and buying another one can be a nerve racking experience for a home owner. Many times not knowing where to start or what to do first can cause home owners to give up on their real estate goals. Since we are in the best months to sell a home, I thought explaining the process of how to sell a house and buy another would offer you or possible someone you know clarity on how to start.
I’ll be the first one to admit selling a house to buy another one requires a certain amount of finesse and experience. There are many reasons a home owner may need to sell a house to buy another. Sometimes current home owners are not pre-approved to carry both homes or they simply do not want to carry two mortgage payments. Let’s be honest, it doesn’t sound like fun to pay for a home you no longer want or live in.
A home is most often someone’s most valuable asset therefore the down payment for the new home is in the equity of the home they are selling.
Here are 3 common mistakes you want to avoid when you sell a house and buy another
- You don’t have a pre-approval for a new home before your home goes on the market. Having a pre-approval in place for every home buyer is certainly the first step in the home buying process. A pre-approval provides certainty you can obtain a home in the price range you desire. A pre-approval also gives clarity about your new monthly payment, and how much down payment and closing cost you will need. Could you imagine selling your home and then a week later finding out the payment for your new home is going to cost you twice as much as you predicted? This could be a very costly mistake. All home buyers should have a pre-approval for their own piece of mind. It also allows you to be ready to negotiate when you find the best deal on a home.
- Not having a clear understanding of your home’s value and ALL of your closing cost. When you use accurate numbers you can make better decisions. How terrible would it be to have an inflated projected sales price for the home you are selling and find out your proceeds will be significantly smaller hence your new purchase down payment is now smaller or possible NOT enough to make the purchase happen. This is where agent selection is critical. Hire an agent that understands and studies the market, like yours truly
- Focusing on finding a new home before your home is listed. This may seem like a good idea since you want to know where you will live next however it’s a bit backwards. Even if you fell in love with a new home, you are not in a position for a powerful negotiation. In almost every case I’ve encountered a seller will not take their home off the market and accept your offer if your home doesn’t have an executed contract with a new buyer in place or at the very minimum your home should be at least on the market.
You may be asking yourself, “What happens if I sell my house and don’t find a new home to buy?” Seek and ye shall find. When you hire the Amy Kilcoyne Real Estate team, we do not rush to place your home on the market. We give an accurate value assessment and net proceeds estimate, guide to through the pre-approval process, and complete a full buyer consultation and needs analysis for your new home purchase.
This gives the Amy Kilcoyne Real Estate Team a complete understanding of your financial situations along with all the wants and needs you have for your new home so we can proactively find you your next home. The day your home goes on the market the entire team has a full understanding of your real estate goals.
This way you will see the BEST homes on the market which will have you finding your dream home in less time.
Since our team takes the time to understand your needs for your next home we can reach out to our vast network for real estate professionals to find out about homes before they go on the market. We also reach out to homeowner directly to find homes not currently listed yet the owners are willing to sell directly to the buyers the Amy Kilcoyne Real Estate Team represents.
Another Amy Kilcoyne Real Estate Team negotiation strategy to help you sell a home and buy another is that we make sure the sales contract of your home has the ability to be extended to ensure you enough time to secure a new home. In some case we can negotiate terms with the new buyer to allow the closing on your current home to occur and you can stay your home after the closing anywhere from 3-30 days.
The Amy Kilcoyne Real Estate Team will work tirelessly to not only sell your home for top dollar quickly but we will also find you your next perfect home. Don’t let fear stop you from selling a home to buy another one. With a committed and experience real estate team behind you, your real estate goals are more attainable than you may think.
If you have questions about how to sell a house and buy another call or text Amy Kilcoyne at (954) 439-0996 to schedule a consultation.
Interested in finding out how much your home is worth request a home value report visit http://www.welcomehomesofl.com/how-much-is-my-home…