How To Buy & Sell Your Home At The Same Time In Today's Market

Buying a home may be a Herculean effort, but purchasing and selling a home at the same time is the real challenge. Many homeowners find themselves in this situation at some point in life. Luckily, there are talented real estate companies in Burlington to help out. Learn how to buy and sell your home at the same time with the experts by your side.

1. Take One Step at a Time

The best advice that real estate companies in Burlington can give you is to take one step at a time. Sell your home before buying another one. There are very few people who can afford or be approved for two mortgages at the same time. Knowing how to buy and sell your home at the same time means taking your time to finalize all the details so that no issues arise along the way.

2. Discuss Options With Agents

Be open with your agent when it comes to the logistics of moving out of one home and into another. Closing days for two properties won’t always coincide. Consider a contract contingency where your new purchase is contingent upon the current property being sold. This contractual section is quite common in many home sales.

You might also negotiate with your buyer regarding a rental agreement. In essence, you pay rent to the new owners as you remain at the property until you close on the next home. Both contingencies and rental agreements are possible when you have agents who can negotiate fair terms.

3. Prepare the Home

Move your home closer to escrow by properly preparing it. Ask for an inspection so that you know which items require attention. Clean up the property and add a few accents. From potted plants on the patio to bright pillows on the sofa, attractive staging can move your sale along with just one open house.

4. Get Pre-Approved

Your current home may be in escrow, but that shouldn’t stop you from moving a bit forward on your next property. Speak to your bank about a loan pre-approval. Line up the necessary financing for your home purchase so that it can be a streamlined process as soon as you sell and find the perfect place. The financing process can take some time, which means that starting it now will only move you closer to that next property.

5. Tour Open Houses

With your home sold to the highest bidder, it’s time to look at open houses. You have a clear picture of the money you’ll receive from the home purchase, which gives you a solid starting point when it comes to negotiating with other sellers. Knowing how much you can afford simplifies the buying process.

Always take a step back to read the fine print as you learn how to buy and sell your home at the same time. There are legal ramifications to each signature line. With skillful agents by your side, a successful buying and selling process is possible. Your next home can be a reality in little time.