- Motto Mortgage Absolute
Breaking Down the Science of Buying a Home and Selling at the Same Time
Buying or selling a home can feel incredibly overwhelming. When you do both at the same time, it can feel next to impossible. Although there’s no way to make the process completely predictable, planning will help you manage the ups and downs a little easier. Here are some tips for balancing buying and selling a home at the same time!
When you’re getting ready to sell your home, it’s important to keep a few things in mind to make the process as easy as possible. We go into greater detail below.
Get Your Home Ready to Sell
You want to be ready to get your home on the market and attract a buyer as soon as your new property is under contract. Prepare your home for listing ahead of time by applying fresh, neutral-colored paint on the walls, cleaning and organizing your home, and staging the rooms.
Consult your real estate agent for additional advice on getting your home ready to sell to have the best chance of attracting new buyers.
Pay Attention to Contingencies
When you’re making an offer on a new property, if you don't have to sell your current home first, the seller will consider your offer to be stronger than others.
When you find a buyer for your own house first, you'll know precisely how much you'll need for a down payment and what timelines you’ll need to account for. This can help you to write a stronger offer on the property you purchase.
Consider a Lease-Back
A lease-back arrangement allows sellers to "rent" their house for up to 60 days after it has been sold. A lease-back gives sellers more time to find a home, so it can make the closing timelines a little easier to navigate. Talk with your real estate agent for more information on these arrangements.
Buying a new home while selling an existing one can be a hectic process. But, it doesn’t have to be when you follow these buying tips!
Use Home Loans to Your Advantage
Consider asking your lender about a home equity line of credit (HELOC). Homeowners who already have a HELOC can use it to pay for the down payment on a new house. The HELOC can then be paid off from the profits when the house is sold.
Just make sure you’re able to afford the additional monthly payment that comes with borrowing funds via a HELOC. Talk to Las Vegas loan officers to learn about home loans and the possibility of a HELOC.
While most homebuyers want to settle into their new houses as soon as possible, selling your current home takes time. Make sure that your closing timeline on your new home has a little bit of wiggle room in case you face delays in finding a buyer or closing on your current house.
While it can be tough to balance buying and selling a home at once, having the right team on your side can make it a little bit easier. Work with Motto Mortgage Absolute to get connected to the home loans you need to make the home buying process easier.