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Things might get difficult if you try to buy your new home and sell your current property at the same time. The infamous property chain might cause chaos and suddenly catch you off guard. Many people would rather first sell their current residence. When looking for their dream property, this makes it easier for them to have the selling cash on hand, thus decreasing financial stress. If you need to utilize the funds from the sale of your current home to help pay for the purchase of your new one, the process of buying and selling at the same time might be difficult.
Get your property appraised by real estate professionals
Determine the worth of your current house before showing interest in buying and selling a property at the same time. Use our online rapid evaluation tool to get started. To give you the most accurate pricing, real estate agents will use their local expertise and knowledge of any distinguishing features or home improvements that increase the value of the property. In an effort to acquire your business, some agents have a reputation for overcharging for their services. Although we don’t give you great hopes for success in business, we do our local market research and analysis to determine the best value for your house that it may get when it goes on the market.
Analyze your financial status.
Selling your property in the mornings and closing on your new house in the afternoon, or within a few days, should be possible. But what if nothing goes according to plan? You can unintentionally find yourself short on the funds required to close on your new home, or you might find yourself paying two mortgages for a considerable amount of time. In the worst situation, you could not be able to get final mortgage approval and end up losing your future home.
The minimum deposit will undoubtedly be more than the deposit you get if your new property is more expensive than your current one. If this is the case, it may be possible for your attorneys and the seller’s attorney to agree that the smaller deposit is sufficient. But if this isn’t possible, you’ll need to raise extra money. Make sure you have the financial means to carry out the surgery before you start.
Both the price and the timeframe should be negotiated.
Of course, you want to sell your house for the highest possible price and keep from overpaying for the one after that. Keep the closing process’s timetable in mind while you negotiate both deals. The goal is to get the buyer and seller of your current home to consent to any necessary conditions or nearby closings.
