Synchronized Buying and Selling

Synchronized Buying and Selling

            One of the most stressful aspects of a Real Estate transaction can be trying to close on one home while you are purchasing another; especially if you are using proceeds from the sale to do so.  Although there are many more hurdles to be cleared when trying to coordinate this, it can be done successfully if you plan accordingly.  Take these three factors into consideration and you will be sure to make the transition smooth and stress free. 

Don’t search for a new house until your home is under contract!!

            Doing so will drive you crazy.  Until your home is under contract you really don’t know where you stand as a buyer.  Feel you won’t have enough time?  Let buyers know right off the bat that you will need an extended closing 60-90 days is generally sufficient.  Buyer locked in a rate and has to close in a specific time frame?  Offer to rent the house back for a monthly fee or a reduction in sales price until you can close on your next property.  There are ways to work things out for both buyer and seller, but until you are under contract, don’t even window shop.  Things change daily in the market; you don’t want to fall in love with that cute doggy in the window if you aren't ready to take him home yet.

Get your purchase mortgage in line

            The biggest mistake you can make when purchasing your next home is to assume you will be approved for a mortgage prior to selling your current property.   A closed sale isn’t much to celebrate when you don’t have a place to throw the after-party.  Be sure to talk with your mortgage broker about your plans as well as your financial ability to do so.  Times, rates and requirements can change rapidly and you need to be sure that your next purchase is fiscally possible.  Crossing these “t's” is imperative prior to even listing your current home.  You cannot negotiate the sale of your property properly without knowing what your next step will be. 

Price Correctly!

            If planning a sell/purchase transition your best bet is to price correctly at fair market value.  This will increase your chances of not only obtaining a quick sale, but also in procuring a cooperative buyer.  A buyer who doesn’t have to go through a lengthy and stressful negotiation process is more likely to grant you more time in the home, or approve an extended closing.   This is NOT the time to let greed get in the way – be honest with yourself and be sure to work with an agent who truly understands fair market value for your particular home.

            Keeping these points in mind will help you transition from your current home to the next with less stress.   Not keeping these factors in mind can hurt both your sale and your purchase.  I’ve seen people rush to buy for fear of not having a place to call home as well as sellers whom have sold for less just so they don’t lose a home they’ve fallen in love with.   A home sale and purchase can be a very emotional experience, it’s always a good idea to mentally prepare and stick to your game plan.  Remember, prepared people succeed!

Why should you work with a Realtor?

Why should you work with a Realtor?

            The availability of information on-line has made the home buying and selling experience a bit easier then it was just a decade ago - however, this has NOT in any way negated the importance of the Real Estate agent.  Why should you work with a Real Estate agent?  Let’s make it simple; let’s make it rhyme…  Direction, Protection and Attention.
 

Direction

            A professional Real Estate agent will direct you through the ever-changing maze of the sales process.  It takes full time knowledge and experience to know what pitfalls to be aware of, as well as how to handle them when they do arise.  A “virgin” homebuyer or seller simply isn’t familiar with the procedures necessary and will often put himself or herself at risk.   Not knowing the correct “direction” to move in a transaction can quickly put you back to square one and may quite possibly end up costing you money as well.  Having a guide direct you throughout the process not only puts you in a better position for success, but it also protects your best interest, ie.  your money baby!

Protection 

            An agent also serves as true protection in your Real Estate transaction.  Even if you know the way, if not properly trained a buyer/seller can easily find themselves slipping down a slippery slope.  I've dealt with horror stories throughout my career that would make your head spin, but with knowledge and patience I have been able to get through them all – while protecting my clients the whole way.  Without my expertise in those situations my customers would have been out not only a home, but in a few instances tens of thousands of dollars as well.  Without the ability to react in the right way at the right time when issues arise, you are simply hoping nothing goes wrong.  An agent will protect you when something does.

Attention

            We all need attention in this fast paced world.  Cell phones, email and G4 speeds have made our world move Usain Bolt FAST.  An agent’s job is to stay on top of the entire transaction from contract to close.  As I keep reminding you all, finding or selling the home is NOT the hard part, CLOSING it is!  And a successful closing procedure has become tougher for sellers/buyers to maintain on their own.  With most buyers/sellers having full time jobs themselves - keeping up with the transaction is not only a headache, but can be simply impossible.  Without having a "wing-man" giving you the attention you need and deserve you may put yourself in a situation that can become unsolvable, costing you money honey!   A professional Realtor will be there each and every step of the way, giving each step of the process the full attention needed for success.  While many may think they have the time, skill and knowledge necessary to give attention to the transaction, this is not the time to “hope your right”.   

            As American’s we love to save a buck, I wouldn’t be alarmed if it was somehow in our DNA.  However, this is not the time or place to try to save a few bucks.  If purchasing or selling Real Estate be sure to obtain the service of a professional Realtor.  Going it alone may be possible – but is it really worth the risk?