Buy and Sell Real Estate
If you own real estate and you are thinking of moving there is a reasonable chance you will be contemplating to buy and sell real estate at the same time, to make your move easier.
This is a natural progression for most people you may be either needing a bigger home as the family grows or you may be moving for a job relocation or downsizing because the kids have left home.
In any of these instances you will hoping to sell and then buy again around the same time and ideally only have to deal with one move.
Buy and sell real estate at the same time can be done
This is the ideal outcome it is more difficult to arrange but the benefits are obvious and the costs associated will be less when you are only faced with one move.
Here are some suggestions to try and make this possible.
Firstly you would invite a couple of real estate agents to view your property and provide you with a accurate appraisal on its value.
You should get a full list of recent sales of comparable homes in your area as well as a list of homes currently on the market that could be considered similar to yours.
If the agents are on the ball they should also be able to provide you with a detailed list of your changeover costs, such as stamp duty, agent’s fees, solicitors, loan fees etc. This appraisal is free of charge.
Then talk to the agents about what is on the market and take a look around the market at properties you think may suit, perhaps they have the extra bedroom or second living area you are after. Maybe it’s a villa you desire.
Properties open for inspection are good place to start your market research
Opens are a great way of doing some quick fact finding. Write down the details, price features, pros/cons.
Once you are convinced that you will find something in the price bracket you are looking at you can more confidently move to put your home on the market!
I can hear you now: “But if we haven’t found the perfect home - we’ll sell and end up on the street!”
The worst thing that can happen when you are not in a financial position to buy is to find your “dream home”. and not be able to buy it.
Remember that doing it this way you are safe because you are in control putting your property on the market does not mean it is sold. It means it is on the market and you are in control to say yes or no to any offfer you may receive depending on what else is available in what you are looking at.
When you receive an offer in your range, you can make offers on the home(s) that suit your needs.
If someone really wants your property, they will more than likely wait.
It might be a few weeks or even a few months but if you are open and honest in your dealings, most people will in most cases understand. Here is wher a good real estate agent can really earn their pay if they are able to negotiate the sale so you can buy and sell at the same time they wil really earn their selling fee.
In this way both sales go through together. If one falls over, the other falls over.
If you can’t find a suitable property, then you can make the decision if you still want to proceed or if the buyer can wait.
Of course there is the option of bridging finance but ask yourself do you want the added stress or financial burden? By following this path you can avoid paying too much and selling for a lower price.
Emotion will play a part in finding the right home but if you are smart it doesn't have to play such a big part in the process of how you secure it.